Nigeria’s external reserves have increased to $53.11 billion, the greatest amount in almost 17 years, and are now almost at the 2009 reserve peak.
Reserves were $53.112 billion as of August 24, 2026, according to data from the Central Bank of Nigeria. The amount is the largest since the reserves hit $53.25 billion on January 12, 2009.
Nigeria’s reserves are only $142 million behind the January 2009 level as of the most recent position, suggesting a notable improvement in the nation’s external liquidity situation.
Since June, the reserve accumulation has quickened. According to CBN data, reserves grew by almost $3.15 billion, from $49.96 billion on June 3 to $53.11 billion on August 24.
Additionally, reserves increased from $51.53 billion on July 3 to $53.11 billion on August 24. On July 27, the position surpassed $52 billion, and on August 21, it reached $52.86 billion.
Stronger oil earnings and higher dollar inflows into the economy have contributed to the ongoing buildup.
According to analysts, the country’s better reserve position helps attempts to boost confidence in the foreign exchange market and provides a greater buffer against external shocks.
The CBN’s strict monetary policy stance, which aims to control inflation and promote wider macroeconomic stability, is taking place concurrently with the buildup.
“The increase in reserves strengthens Nigeria’s capacity to manage external pressures and provides greater confidence in the foreign exchange market,” said Chukwunmonso Iheoma, an economist in Abuja.
He cautioned that the emphasis should now be on making sure that the accumulation is backed by long-term dollar inflows rather than transient ones.
Earlier on August 19, Hakama Sidi-Ali, the acting director of the CBN’s Corporate Communications and Investor Relations Department, explained that Olayemi Cardoso, the governor of the CBN, had spearheaded audacious reforms over the previous 34 months to lay the critical groundwork for Nigeria’s next economic phase, encouraging inclusive growth and job creation to reduce poverty.
Among the reforms, according to Sidi-Ali, are the unification and increased openness of the foreign currency market, as well as the effective recapitalization of the banking sector, which has significantly improved the competitiveness, resilience, and capability of the Nigerian banking sector.
Other reforms include the introduction of a 75% Cash Reserve Ratio on non-Treasury Single Account public sector deposits to improve liquidity management and reduce inflationary risks, the B-Match System for forex trading, the Nigeria Payments System Vision 2028, and the non-resident BVN to link Nigerians living overseas with local banking services.
