Reserves Cross $54bn Mark, Highest In 18 Years

Nigeria’s external reserves crossed the $54 billion mark hitting an 18 year high on August 3, 2026. Data from the Central Bank of Nigeria showed that the 30 days moving average of the reserves currently stands at $54.083 billion.

This is the highest the reserves have been since December 22, 2008, when it stood at $54.211 billion. So far, the reserves had accrued $573.99 million in five days, and year to date, had accrued $8.51 billion.

Analysts note that the accretion of the reserves puts the naira on course for its best year since 2018 ahead of FTSE Russell reinclusion of the country as a frontier market on September 21.

At the end of business activities on Friday, the value of the naira had firmed to N1,390 to the dollar at the parallel market. On the official end of the market, the naira sold at N1,321.21 to the dollar, a firmer position that what it started the week.

On Monday, the value of the naira at the Nigerian Foreign Exchange Market (NFEM) stood at N1,332.93 to the dollar, bringing the week to date gain of the currency to N11.72 or 0.88 per cent appreciation.

Analysts at Cowry Assets Management say they expect the outlook of the naira to remain positive, as the naira expected to be supported by improved foreign liquidity, rising external reserves and elevated crude oil prices. “Overall, stronger oil revenues should continue to support Nigeria’s external position and provide a favourable backdrop for the naira in the near term.”