Nigeria’s external reserves have climbed to $54.08 billion, reaching their highest level in about 18 years as stronger foreign-exchange inflows continue to boost the country’s external position.

The latest increase comes as the naira records one of its strongest performances against the US dollar in recent years, strengthening to N1,315/$ in the official foreign exchange market.

Reserves climb to 18-year high

Data from the Central Bank of Nigeria (CBN) shows that reserves stood at $54.08 billion on September 3, up from $53.99 billion on September 2 and $53.90 billion on September 1.

The latest figure represents an increase of about $1.42 billion from the $52.66 billion recorded on August 19.

It also marks a significant improvement from the beginning of the year. Nigeria’s reserves stood at approximately $45.56 billion on January 2, meaning the country added about $8.52 billion, or 18.7 per cent, in just over eight months.

The reserves crossed the $53 billion mark on August 24, reaching $53.11 billion, before rising to $53.30 billion on August 26.

The upward trend continued, with reserves reaching $53.51 billion on August 28 and $53.81 billion on August 31, according to a report by TheCable.

According to CBN data, the last time Nigeria’s external reserves were around the $54 billion level was on December 22, 2008, when reserves reached about $54.21 billion.

Reserves beat CBN’s 2026 forecast

The latest reserve position is also significantly higher than the CBN’s earlier projection for the year.

The apex bank had projected that Nigeria’s external reserves would rise to about $51.04 billion by the end of 2026.

At $54.08 billion, the current position is already approximately $3.04 billion above that projection, highlighting the stronger-than-expected accumulation of foreign assets.

The development could provide additional confidence in Nigeria’s external position and strengthen the CBN’s ability to manage pressures in the foreign exchange market.

Stronger inflows support reserves

CBN Governor Olayemi Cardoso previously attributed the rise in reserves to stronger foreign-exchange inflows.

These include receipts linked to crude oil-related taxes as well as third-party inflows, according to the governor.

The increase is significant for Nigeria because higher reserves provide a larger buffer against external shocks and can support stability in the foreign exchange market.

Naira gains as dollar pressure eases

The reserve buildup has coincided with a notable improvement in the naira’s performance.

Vanguard reported that the naira appreciated to N1,315 per dollar at the official market on Thursday, marking its strongest performance in two years.

For Nigerians and businesses that depend heavily on imported goods, foreign exchange stability could gradually reduce some of the uncertainty created by sharp currency movements.

However, sustained naira strength will depend on whether Nigeria can maintain strong FX inflows, improve oil-sector earnings and keep external reserves on an upward trajectory.