Reserves Cross $53bn Mark At 17year High

Nigeria’s foreign exchange reserves have risen above the $53 billion mark for the first time in more than 17 years, reaching $53.11 billion as of August 24, 2026, latest data from the Central Bank of Nigeria (CBN) has shown.

This is a significant improvement in the country’s external liquidity, as the reserves have risen by $7.54 billion from $45.565 billion recorded at the beginning of the year, representing an increase of about 16.55 per cent year-to-date.

Data from the showed that the latest reserve position is the highest since January 12, 2009, when the country’s reserves stood at $53.25 billion. At $53.11 billion, the current reserve position is only about $142 million below the $53.25 billion recorded in January 2009, indicating a strong buildup in Nigeria’s external buffers in recent months.

The reserves increased by about $3.15 billion between June 3 and August 24, with the buildup accelerating through July and August.

The data showed that reserves rose from $51.53 billion on July 3 to $53.11 billion by August 24. The country’s reserves crossed the $52 billion mark on July 27 before reaching $52.86 billion on August 21.

Earlier CBN data showed that foreign reserves stood at $45.565 billion on January 2, 2026, before rising to $46.176 billion on February 2, representing an increase of $610.38 million or 1.34 per cent.

The reserves recorded a stronger increase in March, rising to $49.848 billion as of March 2. This represented a monthly increase of $3.67 billion or 7.95 per cent from the February level.

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

The downward movement continued into May, when reserves fell to $48.341 billion as of May 4, a decline of $1.46 billion or 2.94 per cent from the April figure.

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

Further gains were recorded in July, when the reserves climbed to $51.526 billion as of July 3, representing an increase of $1.73 billion or 3.46 per cent from the June level.

By August 3, the reserves had risen further to $51.943 billion, representing an increase of $417.22 million or 0.81 per cent.

The latest data showed that the reserves gained another $889.29 million between August 3 and August 21, rising by 1.71 per cent to $52.832 billion, before crossing $53 billion by August 24.

The Central Bank of Nigeria governor, Olayemi Cardoso, had attributed the accretion in the reserves mainly to receipts from crude-oil-related taxes and third-party inflows.

Cardoso also noted that the country’s reserve position was sufficient to finance 11 months of imports of goods and services.

According to the CBN, the current level of the reserves provides more than 11 months of import cover, significantly exceeding the international benchmark of three months.

The continued buildup therefore strengthens Nigeria’s external liquidity position, while bringing the country’s reserves close to the previous peak recorded in 2009.