Nigeria’s external reserves have risen to $53.11bn, marking their highest level in more than 17 years and bringing the country close to the reserve peak recorded back in 2009.
Data from the Central Bank of Nigeria showed reserves stood at $53.112bn as of August 24, 2026 the highest figure since January 12, 2009, when reserves reached $53.25bn.
The current position leaves Nigeria’s reserves just $142m shy of the January 2009 level, pointing to a notable recovery in the country’s external liquidity position.
The build-up in reserves has picked up pace since June. CBN data showed reserves rose from $49.96bn on June 3 to $53.11bn on August 24 a gain of about $3.15bn.
Reserves also climbed from $51.53bn on July 3 to $53.11bn by August 24. The figure crossed the $52bn mark on July 27 and went on to hit $52.86bn on August 21.
The sustained accumulation has been driven in part by stronger oil earnings and increased dollar inflows into the economy.
Analysts say the improved reserve position gives the country a bigger buffer against external shocks and helps boost confidence in the foreign exchange market.
This build-up is happening alongside the CBN’s tight monetary policy stance, which is geared toward 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.”
He cautioned, however, that attention should now turn to ensuring the accumulation is backed by sustainable dollar inflows rather than temporary factors.
Earlier, on August 19, the acting Director, Corporate Communications and Investor Relations Department at the CBN, Hakama Sidi-Ali, explained that over the past 34 months, the CBN Governor, Olayemi Cardoso, had driven bold reforms to lay the foundation needed for Nigeria’s next economic phase, aimed at promoting inclusive growth, job creation and poverty alleviation.
Sidi-Ali listed some of the key reforms, including the unification and greater transparency of the foreign exchange market, as well as a successful banking sector recapitalisation exercise which, she said, has fundamentally strengthened the resilience, capacity and competitiveness of the Nigerian banking industry.
Other reforms cited include the launch of the non-resident BVN to link Nigerians abroad with local banking services; the B-Match System for forex trading; the unveiling of the Nigeria Payments System Vision 2028; and the introduction of a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public sector deposits, aimed at strengthening liquidity management and curbing inflationary risks, among other measures.
