Nigeria’s External Reserves Hit $54bn, Highest Since 2008

Nigeria’s external reserves have crossed the $54 billion mark for the first time since December 2008, climbing to $54.08 billion as of September 3, 2026.

According to Nairametrics, the latest figure was contained in data from the Central Bank of Nigeria (CBN), with analysis of the figures showing a steady rise in the country’s foreign exchange reserves in recent weeks.

The CBN data indicated that reserves stood at $54,083,850,797.49 on September 3, up from $53.99 billion on September 2 and $53.90 billion recorded on September 1.

The latest increase brings the total growth in Nigeria’s external reserves to about $8.51 billion since the start of 2026, rising from approximately $45.57 billion to $54.08 billion.

The current reserve position is also closing in on the December 2008 level of about $54.21 billion, recorded during the previous oil boom.

The acceleration in reserve accumulation has been particularly noticeable since the beginning of August.

External reserves stood at $51.94 billion on August 3 before rising to $52.06 billion on August 7 and $52.32 billion on August 14. The figure climbed further to $52.83 billion on August 21 and $53.51 billion on August 28.

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By August 31, reserves had risen to $53.81 billion, putting the country within reach of the $54 billion threshold, which it crossed three days later.

The movement represents an increase of about $2.14 billion between August and the first three days of September, highlighting the pace of improvement in Nigeria’s external buffers.

The stronger reserve position comes amid improved oil-sector earnings and other foreign exchange inflows.

Operational data from the Nigerian National Petroleum Company (NNPC) showed that crude oil and condensate production averaged 1.68 million barrels per day in April, 1.73 million barrels per day in May and 1.72 million barrels per day in June. Output stood at 1.68 million barrels per day in July.

NNPC revenue also increased from N2.57 trillion in January to N2.68 trillion in February and N2.77 trillion in March. Revenue subsequently surged to N4.97 trillion in April, before moderating to N4.34 trillion in May, N4.39 trillion in June and N3.09 trillion in July.

However, higher oil-sector revenue does not mean the entire amount is immediately converted into dollars available to participants in the foreign exchange market.

With the latest accumulation, Nigeria’s external reserves have also surpassed the CBN’s projected reserve level of approximately $51.04 billion for the whole of 2026.

The increase comes as the apex bank continues to maintain a tight monetary policy stance aimed at containing inflation and supporting macroeconomic stability.

At its 306th Monetary Policy Committee meeting held in Abuja on July 20 and 21, 2026, the CBN retained the Monetary Policy Rate at 26.5%.

The Cash Reserve Ratio was also maintained at 45% for commercial banks and 16% for merchant banks, while the Standing Facilities Corridor remained at +50/-450 basis points around the MPR.

The CRR on non-TSA public sector deposits was equally retained at 75%.