Nigeria’s foreign exchange reserves have climbed to $52.66 billion, marking a 15.6 percent increase in less than eight months and pushing the country’s external buffer above the Central Bank of Nigeria’s (CBN) full-year forecast. Latest CBN data showed that reserves rose by about $7.09 billion from $45.56 billion recorded on January 2, putting the latest figure at its highest level in more than 17 years.
The steady rise represents a major turnaround after reserves came under pressure earlier in the year. The balance dropped from $49.18 billion in April to about $48.33 billion in early May, before recovering strongly. By June, reserves had crossed the $50 billion mark, climbed above $51 billion in the following weeks and reached more than $52 billion in July.
The latest $52.66 billion figure is also higher than the previous 2026 peak of about $52.04 billion recorded in July. It is the strongest reserve position since January 2009, when Nigeria’s external reserves stood at roughly $52.01 billion. The improvement signals a stronger external position for Africa’s largest economy at a time when foreign exchange stability remains a key concern for businesses and investors.
CBN Governor Olayemi Cardoso has linked the increase to stronger foreign exchange inflows, including receipts from crude oil-related taxes and third-party sources. He said the reserve level could cover about 11 months of imports of goods and services, well above the international benchmark of three months. The stronger reserve position has also come alongside improved FX liquidity and a firmer naira, which recently appreciated to about N1,346.49 per dollar in the official market.
Perhaps the biggest surprise is that Nigeria has already beaten the CBN’s 2026 reserve target several months before the year ends. The apex bank had projected that external reserves would rise to about $51.04 billion by December, but the latest figure is already $1.62 billion higher. With reserves continuing to build, the development could provide additional confidence in Nigeria’s ability to meet external obligations, support FX market stability and cushion the economy against future foreign exchange shocks.
source: The cable
