Nigeria’s reserves hit $54bn, highest in 18 years
Nigeria’s external reserves have reached $54.08 billion, marking the highest level in nearly 18 years and surpassing the Central Bank of Nigeria’s (CBN) projection for the end of 2026.
According to the latest data from the CBN, the reserves increased from $53.99 billion on September 2 to $54.08 billion on September 3. This figure is the highest since December 22, 2008, when reserves were approximately $54.21 billion.
The reserves have grown by around $1.42 billion since August 19, when they stood at $52.66 billion. Year-to-date, reserves have risen by roughly $8.52 billion from $45.56 billion on January 2, representing an 18.7 percent increase within a little over eight months.
The recent uptick followed a gradual rise throughout August, with reserves crossing the $53 billion threshold on August 24 at $53.11 billion. Additional increases were noted on August 26 ($53.30 billion), August 28 ($53.51 billion), and August 31 ($53.81 billion). The reserves were recorded at $53.90 billion on September 1 before exceeding $54 billion two days later.
This current level of reserves is $3.04 billion above the CBN’s forecast of $51.04 billion for external reserves by the end of 2026.
CBN Governor Olayemi Cardoso attributed the continuous growth to improved foreign exchange inflows, which include revenues from crude oil taxes and other third-party receipts.
The rise in reserves has coincided with a strengthening of the naira in the foreign exchange market, which appreciated to N1,315 per dollar in the official market on Thursday, its strongest position in two years.
The increase in external reserves enhances the economy’s foreign exchange buffers and bolsters the CBN’s ability to maintain stability in the foreign exchange market.
