Nigeria’s External Reserves Hit $53.11bn, Near 2009 Record

Nigeria’s external reserves have climbed to $53.11 billion, reaching their highest level in more than 17 years and moving close to the record recorded in 2009.

Data from the Central Bank of Nigeria showed that the reserves stood at $53.112 billion as of August 24, 2026. The figure is the highest recorded since January 12, 2009, when the country’s reserves reached $53.25 billion.

The latest position leaves Nigeria’s reserves just $142 million below the 2009 level, highlighting a significant improvement in the country’s external liquidity position.

The buildup has accelerated since June, with CBN data showing that reserves increased from $49.96 billion on June 3 to $53.11 billion on August 24, representing an increase of about $3.15 billion.

Reserves also rose from $51.53 billion on July 3 to $53.11 billion by August 24. The figure crossed the $52 billion mark on July 27 and subsequently climbed to $52.86 billion on August 21.

The sustained accumulation has been supported partly by stronger oil earnings and increased dollar inflows into the Nigerian economy.

Analysts say the stronger reserve position provides the country with a larger cushion against external shocks while supporting efforts to improve confidence in the foreign exchange market.

An Abuja-based economist, Chukwunmonso Iheoma, said the rise in reserves would strengthen Nigeria’s ability to manage external pressures.

“The rise in reserves strengthens Nigeria’s capacity to manage external pressures and provides greater confidence in the foreign exchange market,” Iheoma said.

He, however, warned that the government should ensure that the reserve accumulation is supported by sustainable dollar inflows rather than temporary factors.

The buildup is also taking place alongside the CBN’s tight monetary policy stance, which is aimed at containing inflation and supporting broader macroeconomic stability.

Earlier, the CBN said its ongoing reforms had helped strengthen the foundation for Nigeria’s next phase of economic growth.

The reforms include greater transparency in the foreign exchange market, banking sector recapitalisation, the non-resident Bank Verification Number initiative and the B-Match system for forex trading.

The apex bank has also unveiled the Nigeria Payments System Vision 2028 and introduced a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public-sector deposits as part of measures to enhance liquidity management and curb inflationary risks.

With reserves now approaching the 2009 peak, attention is expected to focus on whether Nigeria can sustain the buildup and translate stronger external liquidity into greater economic stability.