Nigeria’s reserves hit $54bn, highest in 18 years

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Cardoso

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Nigeria’s external reserves have risen to $54.08 billion, reaching their highest level in nearly 18 years and moving further above the Central Bank of Nigeria’s (CBN) projection for the end of 2026.

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Latest CBN data showed that the reserves reached $54.08 billion on September 3, compared with $53.99 billion on September 2 and $53.90 billion on September 1.

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The latest figure is the highest level recorded since December 22, 2008, when the country’s reserves stood at about $54.21 billion.

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The reserves have increased by approximately $1.42 billion from the $52.66 billion recorded on August 19.

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Year-to-date, the reserves have risen by about $8.52 billion, from $45.56 billion on January 2, representing an increase of 18.7 per cent in just over eight months.

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The latest surge followed a steady build-up in August, with reserves crossing the $53 billion mark on August 24 at $53.11 billion.

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They subsequently rose to $53.30 billion on August 26, $53.51 billion on August 28 and $53.81 billion on August 31.

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The reserves stood at $53.90 billion on September 1 before climbing above the $54 billion mark two days later.

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The latest position is also $3.04 billion above the CBN’s forecast of $51.04 billion for external reserves by the end of 2026.

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CBN Governor Olayemi Cardoso had attributed the sustained increase to stronger foreign exchange inflows, including receipts from crude oil-related taxes and third-party inflows.

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The growth in reserves has also coincided with a strengthening of the naira in the foreign exchange market.

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The naira appreciated to N1,315 per dollar at the official market on Thursday, its strongest level in two years, according to the figures cited in the report.

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The rise in external reserves provides greater foreign exchange buffers for the economy and strengthens the CBN’s capacity to support stability in the foreign exchange market.

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