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Nigeria’s foreign exchange reserves rose to $53.11 billion as of August 24, up about $3.15 billion from $49.96 billion recorded on June 3, strengthening the country’s external liquidity buffer.
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The latest reserve position is the highest since January 2009, when reserves stood at $53.25 billion. The current balance is just $142 million below that level.
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The reserve buildup has coincided with improved FX-market conditions, with the naira closing at ₦1,343 per dollar on August 26, while interbank turnover rose to about $235.99 million.
August 27, (THEWILL) — Nigeria’s foreign exchange reserves have crossed the $53 billion mark for the first time in more than 17 years, reaching $53.11 billion as of August 24, 2026, according to data from the Central Bank of Nigeria (CBN).
The latest position is the highest recorded since January 12, 2009, when the country’s reserves stood at approximately $53.25 billion.
The milestone extends the steady accumulation recorded since June, with reserves rising by about $3.15 billion between June 3 and August 24.
Reserves Continue Upward Trajectory
CBN data show that external reserves stood at $49.96 billion on June 3, before increasing to $51.53 billion by July 3.
The balance subsequently crossed the $52 billion mark on July 27, reaching $52.86 billion on August 21, before climbing further to $53.11 billion on August 24.
The latest figure is approximately $142 million below the January 2009 level, bringing the reserve position close to its previous peak.
The increase also represents a substantial improvement from the beginning of 2026, reflecting stronger accumulation over the past several months.
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Oil Earnings Support Dollar Inflows
The stronger reserve position provides Nigeria with a larger external buffer, but analysts say the sustainability of the buildup will depend on the sources of dollar inflows.
Dr Jerry Igwilo, Chief Executive Officer of Nisela Capital Limited, said higher crude oil prices have supported Nigeria’s dollar earnings, noting that stronger oil prices increase the foreign exchange generated from crude exports.
He, however, stressed that the durability of the reserve accumulation would remain tied to oil revenues, capital inflows and broader foreign exchange market conditions.
This makes the reserve milestone significant beyond the headline figure, as sustained accumulation could strengthen confidence in Nigeria’s external position and provide greater capacity to manage foreign exchange pressures.
Naira, FX Liquidity Show Relative Stability
The reserve buildup has coincided with relative stability in the foreign exchange market.
The naira closed at ₦1,343 per dollar on August 26, with a weighted average rate of ₦1,343.59/$. The session recorded 213 interbank transactions, with total interbank turnover of approximately $235.99 million.
This compares with a closing rate of ₦1,349.99/$ on August 24, when the weighted average stood at ₦1,346.98 and interbank turnover was about $152.60 million.
For businesses, stronger reserves and improved FX liquidity could provide greater confidence around dollar availability, particularly for companies that depend on imported raw materials, machinery and other inputs.
For investors, a stronger external reserve position can also help reduce concerns around currency liquidity and improve confidence in the naira and broader macroeconomic environment.
However, the key test will be whether the buildup can be sustained.
For now, the $53.11 billion reserve position places Nigeria within touching distance of its 2009 peak and marks a significant strengthening of the country’s external liquidity position.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
