Nigeria's Reserves Reach $53.11bn, Nearing 2009 Peak

As of August 24, 2026, Nigeria's external reserves have climbed to $53.11 billion, marking the highest level in more than 17 years and approaching the record of $53.25 billion set on January 12, 2009. The reserves increased from $49.96 billion on June 3 to $53.11 billion by August 24, reflecting a gain of approximately $3.15 billion.

The reserves crossed the $52 billion mark on July 27 and reached $52.86 billion by August 21. This buildup is supported by stronger oil earnings and increased dollar inflows, providing Nigeria with a buffer against external shocks and boosting confidence in the foreign exchange market.

Chukwunmonso Iheoma, an economist, noted that the rise in reserves enhances Nigeria's ability to manage external pressures. Hakama Sidi-Ali, acting Director at the Central Bank of Nigeria, highlighted reforms led by Governor Olayemi Cardoso over the past 34 months, aimed at promoting economic growth and job creation, including the unification of the foreign exchange market and banking sector recapitalization.