Foreign reserves hit 17-year high at $53.11bn
From Adanna Nnamani, Abuja
Nigeria’s external reserves rose by $3.15 billion between June 3 and August 24, 2026, reaching $53.11 billion, latest data from the Central Bank of Nigeria (CBN) has shown.
The latest figure represents the country’s highest external reserve position in more than 17 years and brings Nigeria close to the record levels last seen in 2009.
CBN data showed that the reserves increased from $49.96 billion on June 3 to $53.112 billion on August 24.
The steady buildup gathered pace in July and August, with reserves rising from $51.53 billion on July 3 to $52 billion on July 27.
The figure subsequently climbed to $52.86 billion on August 21 before crossing the $53 billion mark.
At $53.11 billion, the cur- rent reserve position is about $142 million below the $53.25 billion recorded on January 12, 2009.
The development represents a significant improvement in Nigeria’s external position, particularly as the country continues efforts to strengthen foreign exchange liquidity and stabilise the naira.
Experts have linked the improvement in reserves to stronger dollar inflows, including earnings from crude oil exports, while noting that the sustainability of the buildup would depend on the continued ow of foreign ex- change into the economy.
Higher crude oil prices can provide additional dollar earnings for Nigeria, given the country’s dependence on oil exports as a major source of foreign exchange.
The reserve accumulation has also coincided with relative stability in the foreign ex- change market.
On August 26, the naira closed at N1,343.59 to the dollar, according to CBN
data. Foreign exchange mar- ket turnover stood at about $235.99 million, with 213 deals recorded.
The latest reserve position is also about $7.09 billion higher than the level recorded at the beginning of 2026, ac- cording to earlier reports.
It has further surpassed the CBN’s projected reserve level of approximately $51.04 billion for the full year.
The increase provides the country with a stronger external buffer and could support confidence in the foreign ex- change market by improving the authorities’ capacity to meet external obligations and respond to periods of heightened dollar demand.
However, analysts have stressed the importance of ensuring that the reserve accumulation is sustained through stable and diversified sources of foreign exchange.
For Nigeria, this would include stronger oil production and earnings, increased non-oil exports, foreign in- vestment, remittances and improved foreign exchange liquidity.
The continued growth in reserves comes as the CBN maintains its focus on monetary and foreign exchange policies aimed at improving macroeconomic stability and supporting confidence in the naira.
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