A stronger foreign exchange position has pushed Nigeria’s external reserves to $54.08 billion, the highest level recorded in nearly 18 years.
Figures from the Central Bank of Nigeria show that reserves increased from $53.99 billion on September 2 and $53.90 billion on September 1 to $54.08 billion on September 3, 2026.
The latest figure is the highest since December 22, 2008, when reserves stood at about $54.21 billion.
Since the start of the year, Nigeria’s reserves have gained about $8.52 billion, rising from $45.56 billion on January 2, representing an 18.7 per cent increase.
The buildup has been particularly strong in recent weeks, with reserves rising from $52.66 billion on August 19 to $53.11 billion on August 24, $53.30 billion on August 26, $53.51 billion on August 28 and $53.81 billion on August 31.
The current reserve level is also $3.04 billion above the CBN’s projected $51.04 billion target for the end of 2026.
The increase has been linked to stronger foreign exchange inflows, including proceeds from crude oil-related taxes and third-party inflows, as well as improved oil-sector performance.
The stronger external position has coincided with gains by the naira, which appreciated to N1,315 per dollar at the official market on Thursday, its strongest level in two years.
