Nigeria’s external reserves have risen to $53.11bn, reaching their highest level in more than 17 years and moving closer to the country’s record reserve position recorded in 2009.
According to The Punch, Latest data from the Central Bank of Nigeria showed that the reserves stood at $53.112bn as of August 24, 2026.
The current figure is the highest recorded since January 12, 2009, when Nigeria’s external reserves stood at $53.25bn.
This means the latest position is only about $142m below the 2009 level.
The steady increase represents a significant improvement in Nigeria’s external liquidity position, with reserves recording strong growth in recent months.
CBN figures showed that reserves climbed from $49.96bn on June 3 to $53.11bn on August 24, representing an increase of approximately $3.15bn.
Similarly, reserves rose from $51.53bn on July 3 to $53.11bn by August 24.
The country’s reserves crossed the $52bn mark on July 27 before rising further to $52.86bn on August 21.
The accumulation has been linked partly to stronger earnings from crude oil and increased dollar inflows into the economy.
The stronger reserve position provides Nigeria with a larger buffer against external economic pressures and could also help strengthen confidence in the foreign exchange market.
Economist Chukwunmonso Iheoma said, “The rise in reserves strengthens Nigeria’s capacity to manage external pressures and provides greater confidence in the foreign exchange market.”
However, he cautioned that maintaining the gains would require Nigeria to ensure that reserve growth is backed by sustainable sources of foreign exchange rather than temporary inflows.
The increase in reserves comes amid the CBN’s tight monetary policy approach, which is focused on controlling inflation and promoting wider macroeconomic stability.
Earlier, on August 19, the acting Director of Corporate Communications and Investor Relations at the CBN, Hakama Sidi-Ali, highlighted several reforms undertaken under Governor Olayemi Cardoso.
She said the reforms over the past 34 months had focused on laying the foundation for Nigeria’s next phase of economic development, while promoting inclusive growth and job creation.
Among the measures she highlighted were the unification and increased transparency of the foreign exchange market and the recapitalisation of the banking sector, which she said had strengthened the resilience and competitiveness of Nigerian banks.
Other initiatives include the introduction of the non-resident Bank Verification Number to connect Nigerians living abroad with domestic banking services, the B-Match System for forex trading and the Nigeria Payments System Vision 2028.
Sidi-Ali also cited the introduction of a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public-sector deposits as part of measures to improve liquidity management and reduce inflationary risks.
With reserves now just slightly below their January 2009 peak, the latest figures point to a substantial strengthening of Nigeria’s foreign-exchange buffer.
