Nigeria’s external reserves have risen to $53.11bn, their highest level in more than 17 years and just $142m below the country’s previous peak recorded in 2009.
Latest data from the Central Bank of Nigeria showed that reserves stood at $53.112bn as of August 24, 2026, compared with $53.25bn recorded on January 12, 2009.
The latest figure represents a gain of about $3.15bn since June 3, when reserves stood at $49.96bn.
The accumulation has remained steady in recent months, with reserves rising from $51.53bn on July 3 to $52bn on July 27, before reaching $52.86bn on August 21 and subsequently crossing the $53bn mark.
The improvement has been attributed partly to stronger oil earnings and increased dollar inflows, strengthening Nigeria’s external liquidity position.
Economists say the rising reserves provide the country with a stronger buffer against external shocks and could help boost confidence in the foreign exchange market.
An Abuja-based economist, Chukwunmonso Iheoma, said the stronger reserve position would improve Nigeria’s capacity to withstand external pressures.
However, he cautioned that sustaining the gains would depend on securing stable and reliable sources of foreign exchange rather than relying on temporary inflows.
The reserve accumulation comes amid the CBN’s ongoing monetary and financial-sector reforms under Governor Olayemi Cardoso.
CBN Acting Director of Corporate Communications and Investor Relations, Hakama Sidi-Ali, recently highlighted reforms including greater transparency in the foreign exchange market, banking-sector recapitalisation, the non-resident BVN initiative and the B-Match system for forex trading.
Other measures include the Nigeria Payments System Vision 2028 and tighter liquidity management through adjustments to the Cash Reserve Ratio for public-sector deposits.
The CBN says the reforms are intended to strengthen financial-sector resilience, improve market confidence and lay the foundation for sustainable economic growth.
