Reserves approach 2009 record as CBN data shows $3.15bn increase since June…..
Nigeria’s external reserves have risen to $53.11bn, their highest level in more than 17 years, bringing the country within reach of the record recorded in 2009.
Data from the Central Bank of Nigeria showed that the reserves stood at $53.112bn as of August 24, 2026.
The latest figure is the highest recorded since January 12, 2009, when Nigeria’s external reserves reached $53.25bn.
At the current level, the reserves are just $142m below the January 2009 figure, highlighting a significant improvement in the country’s external liquidity position.
The buildup has gathered pace in recent months, with reserves increasing from $49.96bn on June 3 to $53.11bn by August 24. This represents an increase of about $3.15bn in less than three months.
The reserves also rose from $51.53bn on July 3 to $53.11bn during the period under review, crossing the $52bn mark on July 27.
By August 21, the reserves had climbed further to $52.86bn before reaching the latest level.
The sustained increase has been linked partly to stronger oil earnings and improved dollar inflows into the Nigerian economy.
The stronger reserve position provides the country with a larger buffer against external shocks and could also support efforts to stabilise the foreign exchange market and improve investor confidence.
The buildup comes as the CBN maintains a tight monetary policy stance aimed at containing inflation and strengthening macroeconomic stability.
Meanwhile, the CBN has attributed recent improvements in the economy partly to reforms introduced under Governor Olayemi Cardoso.
Speaking on August 19, the acting Director of the CBN’s Corporate Communications and Investor Relations Department, Hakama Sidi-Ali, said the reforms implemented over the past 34 months had laid the foundation for the next phase of economic growth.
She cited the unification and increased transparency of the foreign exchange market, as well as the recapitalisation of the banking sector, which she said had strengthened the resilience, capacity and competitiveness of Nigerian banks.
Other measures highlighted by Sidi-Ali included the introduction of the non-resident Bank Verification Number, designed to connect Nigerians living abroad with domestic banking services, and the launch of the B-Match system for foreign exchange trading.
She also pointed to the Nigeria Payments System Vision 2028 and the introduction of a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public sector deposits as measures aimed at improving liquidity management and reducing inflationary pressures.
With external reserves now just $142m below the 2009 peak, sustained growth in foreign exchange inflows and oil earnings will be critical to determining whether Nigeria can surpass the previous record and maintain the stronger reserve position.
