Nigeria’s foreign reserves cross $53 billion, hit highest level since 2009

Nigeria’s foreign exchange reserves have risen above $53 billion for the first time in more than 17 years, reaching $53.11 billion as of August 24, 2026.

Checks by Nairametrics on the Central Bank of Nigeria’s (CBN) data show that the latest figure is the highest since January 12, 2009, when reserves stood at $53.25 billion.

The milestone extends a steady increase recorded since June, with the latest data showing continued accumulation despite movements in the foreign exchange market.

What the data is saying

External reserves stood at $53.112 billion on August 24, up from $49.96 billion on June 3, according to the data provided.

• The apex bank data shows that the reserves increased by about $3.15 billion between June 3 and August 24.
• The data also show that the balance rose from $51.53 billion on July 3 to $53.11 billion by August 24.
• According to the data, the reserves crossed $52 billion on July 27 and reached $52.86 billion on August 21.
• At $53.11 billion, the latest position is about $142 million below the $53.25 billion recorded in January 2009.

The data shows that the buildup accelerated through July and August, bringing the reserve position close to its previous 2009 peak.

More insights

Dr Jerry Igwilo, Chief Executive Officer of Nisela Capital Limited, said the stronger reserve position provides Nigeria with a larger external buffer but warned that its sustainability will depend on the sources of dollar inflows.

• “The continued rise in reserves gives Nigeria a stronger external cushion, but the sustainability of the buildup will remain closely tied to oil revenues, capital inflows and the broader performance of the foreign exchange market.”

• “

  We have seen that in the last couple of months, the prices of crude oil have gone up… What that has done is that it has increased the amount of dollars we get for selling our crude oil.”

Igwilo said higher crude oil prices have supported the increase in dollar earnings from Nigeria’s oil exports.

The reserve improvement has occurred alongside relative stability in the foreign exchange market.

• The naira closed at N1,343 per dollar on August 26, while the weighted average rate was N1,343.59, based on the data supplied.
• The foreign exchange market recorded 213 interbank deals on the day, with total interbank turnover of about $235.99 million.

On August 24, the naira closed at N1,349.99 per dollar, with a weighted average rate of N1,346.98 and total interbank turnover of about $152.60 million.

What you should know

Nairametrics earlier reported that Nigeria’s external reserves have grown by $7.09 billion since the beginning of 2026.

• The latest position has now surpassed the

  CBN’s projected reserve level of approximately $51.04 billion

  for the whole of 2026.

• The continued accumulation of reserves provides a stronger external buffer for the Nigerian economy and comes as the CBN continues efforts to strengthen foreign exchange market stability.

Also, the latest increase in external reserves comes as the CBN maintains a tight monetary policy stance aimed at moderating inflation and supporting macroeconomic stability.