Nigeria’s reserves hit $53bn, highest in 17 years

Nigeria’s foreign exchange reserves have climbed to $53.11 billion, reaching their highest level in more than 17 years, according to the latest data from the Central Bank of Nigeria.

The reserves stood at $53.11 billion as of August 24, 2026, representing a $7.54 billion increase from the $45.565 billion recorded at the beginning of the year.

The growth amounts to a 16.55 per cent increase year-to-date and marks a significant strengthening of Nigeria’s external financial buffers.

The latest figure is the highest reserve position recorded since January 12, 2009, when Nigeria’s reserves stood at $53.25 billion. The current balance is therefore only about $142 million below that level.

The latest buildup also reflects a sharp recovery in the country’s reserves after they fell to $48.34 billion in early May.

CBN data showed that the reserves rose from $45.565 billion on January 2 to $46.176 billion by February 2, before recording a stronger increase to $49.848 billion on March 2.

The upward trend was briefly interrupted in April and May, when reserves declined marginally and then fell to $48.341 billion as of May 4.

The reserves subsequently recovered, rising to $49.80 billion on June 1 and $51.53 billion by July 3.

By August 3, the figure had increased further to $51.94 billion. It then crossed the $52 billion threshold on August 21, reaching $52.83 billion before surpassing $53 billion three days later.

The Central Bank Governor, Olayemi Cardoso, has linked the increase largely to inflows from crude oil-related taxes and third-party receipts.

Cardoso also said the reserves were sufficient to cover about 11 months of imports of goods and services.

The current reserve level provides Nigeria with more than 11 months of import cover, well above the commonly referenced international minimum benchmark of three months.

The sustained increase in reserves is expected to strengthen Nigeria’s external liquidity and provide a larger buffer against foreign exchange pressures and external shocks.

With the latest accumulation, Nigeria’s reserves are now within striking distance of the $53.25 billion recorded in 2009, when the country last held a comparable level of external reserves.