NEWS
Nigeria’s External Reserves Hit Nearly 18-Year High at $54.08bn
Nigeria’s external reserves have climbed to $54.08 billion, reaching their highest level in nearly 18 years and exceeding the Central Bank of Nigeria’s (CBN) projection for the country’s reserves by the end of 2026.
Latest CBN data showed that the reserves rose to $54.08 billion on September 3, up from $53.99 billion recorded a day earlier and $53.90 billion on September 1.
The latest milestone represents the strongest position recorded since December 22, 2008, when Nigeria’s external reserves stood at approximately $54.21 billion.
The impressive buildup marks a significant turnaround in the country’s reserve position, with the reserves gaining about $1.42 billion in just over two weeks from the $52.66 billion recorded on August 19.
On a year-to-date basis, the reserves have increased by approximately $8.52 billion, rising from $45.56 billion on January 2. This represents an 18.7 per cent increase in just over eight months.
The upward movement gathered momentum throughout August, with reserves crossing the $53 billion threshold on August 24 after reaching $53.11 billion.
The accumulation continued steadily, climbing to $53.30 billion on August 26, $53.51 billion on August 28 and $53.81 billion by August 31.
By September 1, the reserves had risen further to $53.90 billion before finally breaking through the $54 billion mark two days later.
The latest figure has also placed Nigeria’s reserve position significantly above the CBN’s projection. At $54.08 billion, the reserves are $3.04 billion higher than the $51.04 billion the apex bank had projected for the end of 2026.
The sustained increase has been linked to stronger foreign exchange inflows into the country. CBN Governor Olayemi Cardoso had previously identified increased inflows, including receipts from crude oil-related taxes and third-party sources, as key factors supporting the reserve accumulation.
The strengthening reserve position has also coincided with improved performance by the naira in the foreign exchange market.
The naira appreciated to N1,315 per dollar at the official market on Thursday, representing its strongest level in two years, according to figures cited in the report.
The continued accumulation of external reserves is expected to provide Nigeria with a stronger foreign exchange cushion, giving the CBN greater capacity to respond to pressures in the currency market and support broader economic stability.
With reserves now at their highest level in almost two decades, the latest figures represent a major boost to Nigeria’s external position and could further strengthen confidence in the country’s foreign exchange market and overall macroeconomic outlook.