Nigeria’s external reserves hit $53.11bn, near 2009 record

Central Bank of Nigeria building. Photo: CBN

Nigeria’s external reserves have climbed to $53.11bn, representing their highest level in more than 17 years and bringing the country close to the reserve peak recorded in 2009.

Data from the Central Bank of Nigeria showed that reserves stood at $53.112bn as of 24 August, 2026. The figure is the highest since 12 January, 2009, when the reserves reached $53.25bn.

The latest position leaves Nigeria’s reserves just $142m short of the January 2009 level, indicating a significant recovery in the country’s external liquidity position.

The reserve buildup has accelerated since June. CBN data showed that reserves increased from $49.96bn on 3 June to $53.11bn on 24 August, representing a gain of about $3.15bn.

Reserves also rose from $51.53bn on 3 July to $53.11bn by 24 August. The position crossed the $52bn threshold on 27 July and subsequently increased to $52.86bn on 21 August.

The sustained accumulation has been supported partly by stronger oil earnings and increased dollar inflows into the economy.

Analysts say the stronger reserve position gives the country a larger cushion against external shocks and supports efforts to improve confidence in the foreign exchange market.

The buildup is occurring alongside the CBN’s tight monetary policy stance, which is aimed at containing inflation and supporting broader macroeconomic stability.

According to an Abuja-based economist, Chukwunmonso Iheoma, “The rise in reserves strengthens Nigeria’s capacity to manage external pressures and provides greater confidence in the foreign exchange market.”

He warned that the focus now should be on ensuring that the accumulation is supported by sustainable dollar inflows rather than temporary factors.

Earlier on 19 August, the acting Director, Corporate Communications and Investor Relations Department at the CBN, Hakama Sidi-Ali, had explained that over the past 34 months, the Governor of the CBN, Olayemi Cardoso, had led bold reforms to establish the much-needed foundation for Nigeria’s next economic phase, promoting inclusive growth and job creation to alleviate poverty.

Sidi-Ali listed some of the reforms to include the unification and greater transparency of the foreign exchange market; successful banking sector recapitalisation, which, according to her, has fundamentally strengthened the resilience, capacity and competitiveness of the Nigerian banking industry.

Others are the launch of the non-resident BVN to connect Nigerians abroad with local banking services; the B-Match System for forex trading; unveiling of the Nigeria Payments System Vision 2028; and introduction of a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public sector deposits to enhance liquidity management and curb inflationary risks, among other reforms.