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

Data from the Central Bank of Nigeria (CBN), checked by Nairametrics, showed that the latest reserve position is the highest since January 12, 2009, when reserves stood at $53.25 billion.

The latest increase extends the steady accumulation recorded since June, with reserves continuing to rise despite movements in the foreign exchange market.

According to CBN data, external reserves stood at $53.112 billion on August 24, compared with $49.96 billion on June 3, representing an increase of about $3.15 billion.

The reserves also rose from $51.53 billion on July 3 to $53.11 billion by August 24.

The data showed that reserves crossed the $52 billion mark on July 27 before rising further to $52.86 billion on August 21.

At $53.11 billion, the latest position is only about $142 million below the $53.25 billion recorded in January 2009.

The buildup in July and August has therefore brought Nigeria’s reserve position close to its previous 2009 peak.

Chief Executive Officer of Nisela Capital Limited, Dr Jerry Igwilo, said the stronger reserve position provides Nigeria with a larger external buffer, although 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,” Igwilo said.

He added that higher crude oil prices had supported the increase in Nigeria’s dollar earnings from oil exports.

“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,” he said.

The improvement in external reserves has coincided with relative stability in the foreign exchange market.

The naira closed at N1,343 per dollar on August 26, while the weighted average exchange rate stood at N1,343.59, according to available data.

The market recorded 213 interbank deals, with total interbank turnover estimated at $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 interbank turnover of about $152.60 million.

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

The latest reserve position has now surpassed the CBN’s projected year-end reserve level of approximately $51.04 billion for 2026.

The continued accumulation strengthens Nigeria’s external buffer and comes as the CBN maintains efforts to improve foreign exchange market stability.

The reserve buildup also coincides with the apex bank’s tight monetary policy stance, aimed at moderating inflation and supporting broader macroeconomic stability. (Arise News)