Nigeria’s external reserves have crossed the $54 billion mark for the first time since December 2008, reaching $54.08 billion as of September 3, 2026.
This is according to the latest date of the Central Bank of Nigeria (CBN) which showed that the reserves stood around the $54 billion mark on December 22, 2008, when they reached $54.21 billion indicating an increase of about $1.42 billion from the $52.66 billion recorded on August 19.
Since the beginning of the year,
The reserves gained approximately $8.52 billion since the beginning of the year as it rose from $45.56 billion on January 2, 2026, representing an increase of about 18.7 per cent in over eight months.
The reserves crossed the $53 billion threshold on August 24, reaching $53.11 billion, and continued their upward trajectory to $53.30 billion on August 26 and rose further to $53.51 billion on August 28 and $53.81 billion on August 31, 2026.
In September, the reserves again, increased from $53.90 billion on September 1 to $53.99 billion on September 2, before reaching the latest $54.08 billion on September 3.
The current reserve position is about $3.04 billion above the CBN’s projected $51.04 billion target for external reserves by the end of 2026.
Governor of the CBN, Olayemi Cardoso, attributed the sustained increase to stronger foreign-exchange inflows, including receipts from crude-oil-related taxes and third-party inflows.
The rise in the reserves also coincided with improved conditions in the foreign exchange market which showed the Naira appreciated to N1,315/$ at the official market on Thursday, its strongest level in about two years, amid increased foreign-exchange liquidity.
The current position is also approaching the December 2008 level of about $54.21 billion, when Nigeria recorded one of its highest reserve positions during the previous oil boom.
