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

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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.

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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.

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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.

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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.

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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.

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

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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.

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

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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.”

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

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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.

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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.

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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.

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