ABUJA, Aug 27 – Nigeria’s foreign exchange reserves have risen to $53.11 billion, reaching their highest level in more than 17 years as the country continues to accumulate external buffers.
Data from the Central Bank of Nigeria showed that gross external reserves stood at $53.112 billion on August 24, 2026. The latest balance is the highest recorded since January 12, 2009, when reserves reached approximately $53.25 billion.
The latest increase extends a buildup that has accelerated since June, reserves stood at $49.96 billion on June 3, meaning the stock has increased by about $3.15 billion in less than three months.
The accumulation has continued through July and August. CBN data showed reserves at $51.53 billion on July 3 before crossing the $52 billion mark on July 27. By August 21, the balance had reached $52.86 billion, before rising further to $53.11 billion on August 24.
At the latest level, Nigeria’s reserves remain only about $142 million below the January 2009 record of $53.25 billion. The development puts the country’s external reserves within reach of a level last seen during a period when oil revenues were providing substantial support to Nigeria’s external position.
The stronger reserve position provides additional foreign-exchange liquidity and strengthens the country’s capacity to manage external payment obligations and periods of pressure in the currency market. It also provides a larger buffer against external shocks, although the sustainability of the buildup will depend on the underlying sources of foreign-exchange inflows and developments in the oil and broader external sectors.
The pace of accumulation since June is particularly notable, with the reserve stock increasing by more than 6% between June 3 and August 24. The rise has occurred alongside ongoing movements in Nigeria’s foreign-exchange market, making the reserve position an important indicator for investors assessing the country’s external stability.
With reserves now just below the previous 2009 peak, further accumulation would push Nigeria into territory not seen in more than a decade and a half. The trajectory will be closely watched as policymakers continue efforts to strengthen external liquidity and improve confidence in the country’s foreign-exchange position.
