Nigeria’s Foreign Reserves Hit $53.11bn, Highest Level in 17 Years

Nigeria’s external reserves have risen to $53.11 billion, marking their highest level in more than 17 years and bringing the country’s foreign exchange buffers close to the historic peak recorded in 2009.

Latest data from the Central Bank of Nigeria (CBN) showed that the reserves stood at $53.112 billion as of August 24, 2026.

The latest position is the highest recorded since January 12, 2009, when Nigeria’s external reserves stood at $53.25 billion.

The new milestone reflects a sustained buildup in Nigeria’s foreign exchange reserves since June, with the latest increase coming amid relative stability in the foreign exchange market.

CBN data showed that reserves rose by approximately $3.15 billion from $49.96 billion on June 3 to $53.11 billion on August 24.

The accumulation accelerated through July and August. Reserves increased from $51.53 billion on July 3, crossed the $52 billion mark on July 27 and climbed to $52.86 billion by August 21 before reaching $53.11 billion on August 24.

At the latest level, Nigeria’s reserves are only about $142 million short of the $53.25 billion recorded in January 2009.

The development represents a significant improvement in the country’s external liquidity position and provides the economy with a larger buffer against external shocks and foreign exchange pressures.

Commenting on the development, the Chief Executive Officer of Nisela Capital Limited, Dr Jerry Igwilo, said the rising reserves had strengthened Nigeria’s external position but cautioned that the sustainability of the buildup would depend largely on the sources of dollar inflows.

“The continued rise in reserves gives Nigeria a stronger external cushion, but the sustainability of the buildup will remain closely tied to oil revenues, capital inflows and the broader performance of the foreign exchange market,” Igwilo said.

He attributed part of the recent improvement to stronger crude oil earnings, noting that the rise in international crude oil prices had increased the amount of foreign exchange accruing to Nigeria from oil exports.

“We have seen that in the last couple of months, the prices of crude oil have gone up. What that has done is that it has increased the amount of dollars we get for selling our crude oil,” he said.

The increase in reserves has also coincided with relative stability in the naira and improved activity in the foreign exchange market.

On August 26, the naira closed at N1,343 per dollar, while the weighted average exchange rate stood at N1,343.59 per dollar. The market recorded 213 interbank transactions with total turnover of approximately $235.99 million.

Two days earlier, on August 24, the naira closed at N1,349.99 per dollar, with a weighted average rate of N1,346.98 and interbank turnover of about $152.60 million.

The latest reserve position also represents a substantial increase from the beginning of the year. Earlier data indicated that Nigeria’s external reserves had grown by about $7.09 billion year-to-date.

The current $53.11 billion reserve position has also surpassed the CBN’s earlier projection of approximately $51.04 billion for the whole of 2026.

The sustained accumulation comes as the apex bank continues to pursue measures aimed at strengthening the foreign exchange market, improving liquidity and supporting broader macroeconomic stability.

The reserve buildup is also taking place against the backdrop of a tight monetary policy stance maintained by the CBN as authorities seek to moderate inflation and stabilise the naira.

While the return of reserves to levels last seen more than a decade ago strengthens Nigeria’s external position, analysts say the durability of the gains will ultimately depend on maintaining stable oil earnings, attracting sustainable capital inflows and ensuring continued stability in the foreign exchange market.