Nigeria’s external reserves have risen to $53.11bn, their highest level in more than 17 years, bringing the country within $142m of the record level recorded in January 2009.
Data from the Central Bank of Nigeria showed that the reserves stood at $53.112bn as of August 24, 2026, the highest level since January 12, 2009, when reserves reached $53.25bn.
The latest position represents a significant improvement in Nigeria’s external liquidity position and leaves the reserves just $142m below the January 2009 level.
The buildup has accelerated since June, with CBN data showing that reserves rose from $49.96bn on June 3 to $53.11bn on August 24, representing an increase of about $3.15bn.
Reserves also increased from $51.53bn on July 3 to $53.11bn by August 24. The figure crossed the $52bn mark on July 27 and subsequently climbed to $52.86bn on August 21.
The sustained accumulation has been supported partly by stronger oil earnings and increased dollar inflows into the Nigerian economy.
Analysts said the stronger reserve position provides the country with a larger cushion against external shocks and could help strengthen confidence in the foreign exchange market.
The buildup is also taking place amid the CBN’s tight monetary policy stance, which is aimed at containing inflation and supporting broader macroeconomic stability.
An Abuja-based 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, Iheoma warned that the government must ensure the accumulation is supported by sustainable dollar inflows rather than temporary factors.
Meanwhile, the CBN’s acting Director of Corporate Communications and Investor Relations Department, Hakama Sidi-Ali, said the rise in reserves was occurring alongside a series of reforms implemented under CBN Governor Olayemi Cardoso.
Speaking on August 19, Sidi-Ali said Cardoso’s 34-month tenure had focused on establishing the foundation for Nigeria’s next phase of economic development, with emphasis on inclusive growth and job creation.
She listed the reforms to include the unification and increased transparency of the foreign exchange market, as well as the recapitalisation of the banking sector, which she said had strengthened the resilience, capacity and competitiveness of Nigerian banks.
Other measures highlighted by Sidi-Ali included the launch of the non-resident Bank Verification Number (BVN) to connect Nigerians abroad with local banking services, the B-Match system for foreign exchange trading and the unveiling of the Nigeria Payments System Vision 2028.
She 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 enhance liquidity management and curb inflationary risks.
The latest reserve position marks a notable recovery from the lower levels recorded in recent years and strengthens Nigeria’s external liquidity buffer as the country continues efforts to stabilise the foreign exchange market and improve macroeconomic conditions.
