Nigeria's External Reserves Cross $54 Billion, Highest Level in 18 Years
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Nigeria's external reserves have crossed the $54 billion mark for the first time since December 2008, reaching $54.08 billion as of September 3, according to CBN data.
Nigeria's external reserves have crossed the $54 billion mark for the first time since December 2008, reaching $54.08 billion as of September 3, 2026, according to the latest data from the Central Bank of Nigeria.
The reserves have gained approximately $8.52 billion since the beginning of the year, rising from $45.56 billion on January 2 to $54.08 billion, an increase of 18.7 percent in just over eight months. The latest position has surpassed the CBN's projected reserve level of approximately $51.04 billion for the whole of 2026 by more than $3 billion.
CBN Governor Olayemi Cardoso attributed the sustained increase to stronger foreign exchange inflows, including receipts from crude oil-related taxes and third-party inflows. The growth in reserves has coincided with a strengthening of the naira, which appreciated to N1,315 per dollar at the official market on Thursday, its strongest level in two years. The naira is also headed for its best annual gain since at least 2018.