The Central Bank of Nigeria has announced that the country's external reserves stood at $54.08 billion on 3 September 2026, the highest level recorded since December 2008. The improvement follows stronger foreign exchange inflows and better liquidity in the currency market.
Compared with the $52.66 billion reported on 19 August, the latest figure shows a gain of $1.42 billion. From the start of 2026, reserves have grown by $8.52 billion, equivalent to an 18.7 per cent rise.
CBN Governor Olayemi Cardoso said the build-up partly reflected stronger inflows, including proceeds from crude oil-related taxes and third-party receipts. The naira has also appreciated in recent weeks, firming to around ₦1,315 to the dollar before a modest pullback. The central bank has linked the currency's improved performance to higher dollar supply, tighter monetary conditions and initiatives to deepen the foreign exchange market.
A larger reserve buffer strengthens Nigeria's ability to absorb external shocks and meet international payment obligations, while potentially lifting investor confidence. Sustaining the gains, however, will require continued foreign exchange inflows, oil earnings, capital flows and macroeconomic discipline.
For households and businesses, the key question is whether the stronger reserves and currency stability will feed through into lower costs and a more predictable operating environment.
