Nigeria foreign reserves rise to $54.6 billion amid naira volatility

Nigeria’s foreign exchange market has seen fluctuating activity as of mid-September 2026. In the official Nigerian Foreign Exchange Market (NFEM), the naira has experienced slight volatility, trading around ₦1,331 per US dollar. While some reports indicated minor depreciation due to demand for international payments, others noted marginal gains and increased interbank turnover, which rose significantly in some sessions.

In the parallel market, the naira has traded at higher rates, with recent quotations ranging between ₦1,375 and ₦1,392 per dollar. The gap between official and parallel market rates remains a key indicator for investors and businesses.

On the macroeconomic front, Nigeria’s gross foreign exchange reserves have shown substantial growth, reaching approximately $54.6 billion by mid-September 2026. This represents a 30.5 percent increase compared to the previous year, providing a larger buffer for the Central Bank of Nigeria. This growth is supported by increased foreign capital inflows and a widening current account surplus, which was driven by stronger export earnings and a rise in diaspora remittances, which reached $5.82 billion in the second quarter of 2026.