By Seun Ibiyemi
Nigeria’s external reserves have risen to $53.11 billion, reaching their highest level in more than 17 years and coming within $142 million of the country’s previous record recorded in 2009.
Latest data from the Central Bank of Nigeria (CBN) showed that the reserves stood at $53.112 billion as of August 24, 2026.
The latest figure is the highest since January 12, 2009, when Nigeria’s external reserves reached $53.25 billion.
The development represents a significant improvement in the country’s external liquidity position, with reserves gaining about $3.15 billion between June 3 and August 24.
CBN data showed that reserves increased from $49.96 billion on June 3 to $51.53 billion on July 3 before rising further to $53.11 billion by August 24.
The reserves crossed the $52 billion mark on July 27 and climbed to $52.86 billion by August 21.
The sustained accumulation has been attributed partly to stronger oil earnings and increased dollar inflows into the economy.
Analysts said the stronger reserve position could provide Nigeria with greater capacity to withstand external shocks while supporting efforts to strengthen confidence in the foreign exchange market.
An Abuja-based economist, Chukwunmonso Iheoma, said the increase in reserves would strengthen Nigeria’s ability to manage external pressures.
“The rise in reserves strengthens Nigeria’s capacity to manage external pressures and provides greater confidence in the foreign exchange market,” Iheoma said.
He, however, cautioned that the government must ensure the accumulation is supported by sustainable foreign exchange inflows rather than temporary factors.
The reserve buildup comes amid the CBN’s tight monetary policy stance aimed at containing inflation, managing liquidity and supporting macroeconomic stability.
The development also follows a series of reforms implemented under CBN Governor Olayemi Cardoso.
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Earlier on August 19, the acting Director of Corporate Communications and Investor Relations at the CBN, Hakama Sidi-Ali, said the apex bank had implemented major reforms over the past 34 months to lay the foundation for sustainable economic growth.
She listed the unification and increased transparency of the foreign exchange market, banking sector recapitalisation, the introduction of the non-resident Bank Verification Number (BVN), the B-MATCH system for foreign exchange trading and the Nigeria Payments System Vision 2028 among the reforms.
Sidi-Ali also highlighted the introduction of a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public-sector deposits, saying the measure was designed to strengthen liquidity management and curb inflationary risks.
The latest reserve position is expected to provide additional support for Nigeria’s external liquidity and foreign exchange market as the country continues efforts to consolidate macroeconomic stability.
