Nigeria’s external reserves have risen to $54.08 billion, the highest level since December 2008, extending their steady climb and moving further above the Central Bank of Nigeria’s 2026 forecast.
According to CBN data, the last time the country’s foreign reserves stood around $54 billion was on December 22, 2008, when they reached $54.21 billion.
The latest figure represents an increase of about $1.42 billion from the $52.66 billion recorded on August 19.
The reserves have gained about $8.52 billion from the $45.56 billion recorded on January 2, representing an increase of 18.7 per cent in more than 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 movement continued to $53.51 billion on August 28 and $53.81 billion on August 31.
In September, the reserves rose from $53.90 billion on September 1 to $53.99 billion on September 2 before reaching $54.08 billion on September 3.
The latest position is about $3.04 billion above the CBN’s projection of $51.04 billion for external reserves by the end of 2026.
In August, CBN Governor Olayemi Cardoso attributed the increase to stronger foreign exchange inflows, including receipts from crude oil-related taxes and third-party inflows.
The rise in reserves has also impacted the foreign exchange market, with the naira appreciating to N1,315 per dollar at the official market on Thursday, its strongest performance in two years.
