Nigeria's Reserves Reach $54bn, Naira Strengthens to N1,315

Nigeria's external reserves have climbed to $54.08 billion as of September 3, 2023, marking the highest level in approximately 18 years. This increase is attributed to stronger foreign-exchange inflows, including receipts linked to crude oil-related taxes.

The naira has also strengthened to N1,315 per dollar in the official foreign exchange market. The reserves rose from $53.99 billion on September 2 and $53.90 billion on September 1, representing a total increase of about $1.42 billion from $52.66 billion recorded on August 19.

At the beginning of the year, reserves were approximately $45.56 billion, indicating an addition of about $8.52 billion, or 18.7 percent, over eight months. The last time reserves were around this level was December 22, 2008.

The Central Bank of Nigeria (CBN) had projected reserves to reach $51.04 billion by the end of 2026, making the current position approximately $3.04 billion above that projection. CBN Governor Olayemi Cardoso noted that the rise in reserves enhances Nigeria's ability to manage foreign exchange market pressures.