Nigeria’s external reserves have climbed to $53.11bn, reaching their highest level in more than 17 years and moving the country within striking distance of the record recorded in 2009. Data from the Central Bank of Nigeria showed that the reserves stood at $53.112bn as of August 24, 2026, just $142m below the $53.25bn recorded on January 12, 2009.
The latest figures point to a strong improvement in Nigeria’s external liquidity position, with the reserve buildup gaining momentum in recent months. CBN data showed that reserves rose from $49.96bn on June 3 to $53.11bn on August 24, representing an increase of about $3.15bn in less than three months.
The upward movement has continued steadily, with reserves rising from $51.53bn on July 3 before crossing the $52bn mark on July 27. By August 21, the figure had climbed further to $52.86bn, before reaching the latest $53.11bn position. The increase has been supported partly by stronger oil earnings and improved dollar inflows into the economy.
For Nigeria, the stronger reserve position provides a larger financial cushion against external shocks and could help strengthen confidence in the foreign exchange market. Economists have, however, cautioned that maintaining the gains will depend on whether the country can sustain the dollar inflows driving the accumulation rather than relying on temporary sources.
The reserve growth comes as the CBN continues to pursue monetary and financial-sector reforms aimed at improving macroeconomic stability. The measures include greater transparency in the foreign exchange market, banking sector recapitalisation, the non-resident BVN initiative, the B-Match System for forex trading and the Nigeria Payments System Vision 2028. With reserves now just $142m away from the 2009 peak, attention is likely to remain on whether Nigeria can surpass that historic level while maintaining sustainable growth in external liquidity.
source: punch
