Nigeria’s external reserves have risen to $53.11bn, their highest level in more than 17 years, bringing the country within reach of the record level recorded in 2009.
Data from the Central Bank of Nigeria (CBN) showed that the reserves stood at $53.112bn as of August 24, 2026. The figure represents the highest level since January 12, 2009, when the reserves reached $53.25bn.
At the current level, Nigeria’s reserves are just $142m below the January 2009 record, highlighting a significant improvement in the country’s external liquidity position.
The buildup has accelerated in recent months. CBN data showed that reserves rose from $49.96bn on June 3 to $53.11bn on August 24, representing an increase 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 before rising further to $52.86bn on August 21.
The sustained accumulation has been supported partly by stronger oil earnings and increased dollar inflows into the economy.
Analysts say the stronger reserve position provides Nigeria with a larger buffer against external shocks while supporting efforts to strengthen confidence in the foreign exchange market.
The reserve buildup is also taking place alongside the CBN’s tight monetary policy stance, which is focused on containing inflation and promoting broader macroeconomic stability.
An Abuja-based economist, Chukwunmonso Iheoma, said the increase in reserves would strengthen Nigeria’s ability to withstand external pressures.
“The rise in reserves strengthens Nigeria’s capacity to manage external pressures and provides greater confidence in the foreign exchange market.”
However, Iheoma cautioned that the focus should now be on ensuring that the accumulation is driven by sustainable dollar inflows rather than temporary factors.
Meanwhile, the CBN has attributed recent improvements in the economy to a series of reforms implemented under Governor Olayemi Cardoso.
Speaking on August 19, the acting Director of Corporate Communications and Investor Relations at the CBN, Hakama Sidi-Ali, said that over the past 34 months, Cardoso had led reforms aimed at laying the foundation for Nigeria’s next phase of economic development, with a focus on inclusive growth, job creation and poverty reduction.
Sidi-Ali highlighted the unification and increased transparency of the foreign exchange market, as well as the successful recapitalisation of the banking sector, which she said had strengthened the resilience, capacity and competitiveness of Nigerian banks.
Other reforms she cited included the introduction of the non-resident Bank Verification Number (BVN) to connect Nigerians abroad with local banking services; the B-Match System for foreign exchange 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.
According to the CBN, the measures are intended to improve liquidity management, strengthen the financial system and curb inflationary risks as the country pursues greater macroeconomic stability.
