Nigeria’s external reserves have risen to $54.08bn, reaching their highest level in nearly 18 years and exceeding the Central Bank of Nigeria’s forecast for the end of 2026.

Latest CBN data showed that reserves stood at $54.08bn on September 3, up from $53.99bn on September 2 and $53.90bn on September 1.

The latest figure is the highest recorded since December 22, 2008, when Nigeria’s reserves stood at about $54.21bn.

The reserves have increased by approximately $1.42bn from the $52.66bn recorded on August 19.

Year-to-date, they have risen by about $8.52bn from $45.56bn on January 2, representing an 18.7 per cent increase in just over eight months.

The latest growth followed a steady build-up throughout August, with reserves crossing the $53bn mark on August 24 before climbing further above $54bn in September.

The current position is also $3.04bn higher than the CBN’s projection of $51.04bn for external reserves by the end of 2026.

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 rise 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 increase provides Nigeria with a larger foreign exchange buffer and strengthens the CBN’s capacity to support stability in the foreign exchange market.