Nigeria’s external reserves have added $7.09 billion since the start of 2026, rising to $52.66 billion by 19th August, as the country’s foreign exchange position continues to strengthen.

Figures from the Central Bank of Nigeria showed that the reserve balance has expanded by 15.6 per cent from $45.57bn recorded on 2nd January.

The latest increase represents a significant improvement in Nigeria’s external liquidity and gives the monetary authorities a bigger buffer to manage foreign exchange pressures and meet the country’s international obligations.

The accumulation, however, has not been entirely uninterrupted.

Reserves declined by $855 million between 1st April and 7th May, dropping from $49.18bn to $48.33bn. The balance subsequently recovered, adding $4.33bn in roughly three months.

Nigeria’s reserve stock crossed $50bn in early June and climbed to $51.06bn by 19th June. It moved above $52bn in July.

The latest figures show that the pace of accumulation remained firm in August. From $51.94bn on 3rd August, reserves increased by about $715m to $52.66bn by 19th August.

The stronger external position has come alongside improved conditions in the foreign exchange market, with the naira trading around N1,346.90/$ at the Nigerian Foreign Exchange Market on August 21.

Analysts said the reserve growth reflects stronger dollar earnings and improved capital inflows.

Meanwhile, the CBN maintained its tight monetary policy stance at its July meeting, leaving the Monetary Policy Rate unchanged at 26.5 per cent.

The Monetary Policy Committee also retained the Cash Reserve Ratio at 45 per cent for commercial banks and 16 per cent for merchant banks, while keeping the Standing Facilities Corridor at +50/-450 basis points around the MPR.

The CRR on non-TSA public sector deposits remained at 75 per cent.

“The continued rise in reserves gives Nigeria a stronger external cushion, but the sustainability of the buildup will remain closely tied to oil revenues, capital inflows and the broader performance of the foreign exchange market,” said a Lagos-based economist, Henry Ademola.