Nigeria’s foreign reserves climbs to $54.08bn, highest since 2008

Nigeria’s external reserves have climbed to $54.08 billion, reaching their highest level in almost 18 years and moving further above the Central Bank of Nigeria’s (CBN) target for the end of 2026.

According to the latest data from the CBN, the reserves stood at $54.08 billion on September 3, up from $53.99 billion recorded on September 2 and $53.90 billion on September 1.

The latest increase marks another rise in the country’s foreign reserves, which have continued to strengthen in recent months.

The $54.08 billion figure is the highest level recorded since December 22, 2008, when Nigeria’s external reserves stood at approximately $54.21 billion.

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

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

The latest surge followed a steady build-up in August, with reserves crossing the $53 billion mark on August 24 at $53.11 billion.

They subsequently rose to $53.30 billion on August 26, $53.51 billion on August 28 and $53.81 billion on August 31.

The reserves stood at $53.90 billion on September 1 before climbing above the $54 billion mark two days later.

The latest position is also $3.04 billion above the CBN’s forecast of $51.04 billion for external reserves by the end of 2026.

CBN Governor Olayemi Cardoso had attributed the sustained increase to stronger foreign exchange inflows, including receipts from crude oil-related taxes and third-party inflows.

The growth in reserves has also coincided with a strengthening of the naira in the foreign exchange market.

The naira appreciated to N1,315 per dollar at the official market on Thursday, its strongest level in two years, according to the figures cited in the report.

The rise in external reserves provides greater foreign exchange buffers for the economy and strengthens the CBN’s capacity to support stability in the foreign exchange market.

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