Nigeria’s External Reserves Rise to $53.11bn, Near 2009 Record
- Nigeria’s external reserves have risen by $3.15 billion since June, reaching $53.11 billion, the highest level in more than 17 years
- The buildup has been supported by stronger foreign exchange inflows, while analysts say sustained gains will depend on stable dollar earnings
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The Central Bank of Nigeria (CBN) has revealed that Nigeria’s external reserves climbed to $53.11 billion as of August 24, 2026, from $49.96 billion recorded on June 3.
The latest figure represents an increase of $3.15 billion in less than three months and brings the country’s reserves close to the record levels last seen in 2009.
Source: Getty Images
Nigeria’s external reserves climb above $53 billion
CBN data showed that the reserve position gained momentum in July and August, rising from $51.53 billion on July 3 to $52 billion on July 27.
The reserves subsequently increased to $52.86 billion on August 21 before crossing the $53 billion threshold on August 24.
At $53.11 billion, the current position is approximately $142 million below the $53.25 billion recorded on January 12, 2009.
The development marks a significant improvement in Nigeria’s external position as authorities continue efforts to strengthen foreign exchange liquidity and support stability in the naira.
Stronger dollar inflows support buildup
Experts have linked the increase in reserves to stronger dollar inflows, including earnings from crude oil exports.
Higher crude oil prices could further improve Nigeria’s foreign exchange earnings, given the country’s continued dependence on oil exports as a major source of dollar inflows.
However, analysts have warned that sustaining the reserve accumulation will require consistent and diversified sources of foreign exchange.
These include stronger crude oil production and earnings, increased non-oil exports, foreign investment and diaspora remittances.
Naira records relative stability
The reserve accumulation has also coincided with relative stability in Nigeria’s foreign exchange market.
On August 26, the naira closed at N1,343.59 to the dollar, according to CBN data, while foreign exchange market turnover stood at about $235.99 million across 213 deals.
The latest reserve position is also about $7.09 billion higher than the level recorded at the beginning of 2026.
The reserves have further surpassed the CBN’s projected reserve level of approximately $51.04 billion for the full year.
The stronger external buffer could support confidence in the foreign exchange market by improving the CBN’s capacity to meet external obligations and respond to periods of increased dollar demand.
However, analysts say maintaining the gains will depend on the continued flow of foreign exchange into the economy and the diversification of Nigeria’s external earnings.
Naira depreciates against US dollar again
Earlier, Legit.ng reported that the naira is facing renewed pressure in the Nigerian forex market, especially in the parallel market, also known as the black market.
For the first time in weeks, the naira is now trading at the black market above N1,400 per dollar, closing on Thursday, July 9, at N1,425.
The parallel market rate represents a roughly N46 premium over the official rate, a divergence that reverses the near-convergence Nigeria achieved earlier in 2026 when the naira briefly traded around N1,370 to the dollar in February.
Source: Legit.ng
