Foreign Reserves Rise By 16% To $52.8bn, Gain $7.3bn In 8 Months

Nigeria’s foreign exchange reserves have risen by $7.27 billion, or 15.95 per cent, year-to-date to $52.83 billion as of August 21, 2026, strengthening the country’s external liquidity position.

Latest data from the Central Bank of Nigeria (CBN) showed that the reserves stood at $45.565 billion on January 2, 2026, before rising steadily, despite some fluctuations, to the latest level.

The reserves increased by $610.38 million, or 1.34 per cent, to $46.176 billion as of February 2, before recording a stronger gain in March. By March 2, the reserves had climbed to $49.848 billion, representing a monthly increase of $3.67 billion, or 7.95 per cent.

However, the reserves marginally declined by $42.89 million, or 0.09 per cent, to $49.805 billion as of April 1.

The decline continued into May, when the reserves fell by $1.46 billion, or 2.94 per cent, to $48.341 billion as of May 4.

The reserves subsequently recovered in June, rising by $1.46 billion, or 3.02 per cent, to $49.800 billion as of June 1.

The upward trend continued in July, with the reserves climbing by $1.73 billion, or 3.46 per cent, to $51.526 billion as of July 3.

By August 3, the reserves had risen further to $51.943 billion, representing a gain of $417.22 million, or 0.81 per cent, from the July figure.

Between August 3 and August 21, the reserves gained another $889.29 million, or 1.71 per cent, to reach $52.832 billion.

The CBN said the current reserve level provides Nigeria with more than 11 months of import cover, significantly above the international benchmark of three months.

The accretion to reserves was largely driven by crude oil-related tax receipts and third-party inflows, according to CBN Governor Olayemi Cardoso.

Cardoso said the reserve position provides sufficient capacity to finance about 11 months of imports of goods and services, underscoring the improvement in Nigeria’s external position.

The latest increase comes amid ongoing efforts by the monetary authorities to strengthen foreign-exchange liquidity and bolster confidence in the country’s external position.