Nigeria’s external reserves have climbed to $53.2 billion, reaching their highest level in nearly 18 years amid stronger crude oil earnings and increased foreign exchange inflows. Data from the Central Bank of Nigeria, CBN, showed that the reserves stood at $53.2 billion as of August 26, surpassing the apex bank’s……
Nigeria’s external reserves have climbed to $53.2 billion, reaching their highest level in nearly 18 years amid stronger crude oil earnings and increased foreign exchange inflows.
Data from the Central Bank of Nigeria, CBN, showed that the reserves stood at $53.2 billion as of August 26, surpassing the apex bank’s projected year-end target of $51.04 billion.
The current reserve level is also estimated to provide more than 12 months of import cover for the economy, strengthening the country’s capacity to meet external obligations and support the naira.
Further analysis of the CBN data showed that the liquid component of the reserves stood at $52.7 billion.
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The steady growth in reserves has been supported by improved foreign exchange inflows and stronger conditions in the external sector.
Nigeria, Africa’s largest oil producer, has also benefited from the recent rise in international crude oil prices. Brent crude traded at around $87 per barrel on Wednesday, significantly above the $64.85 benchmark used in the 2026 federal budget.
The higher oil price is expected to strengthen government revenue and boost foreign exchange earnings, providing additional support for reserve accumulation and naira stability.
The CBN had, in its economic projections for 2026, identified stronger oil earnings, reforms in the foreign exchange market and improved external capital inflows as key factors expected to support reserve growth.
The latest increase extends a trend that has persisted over recent months.
CBN data showed that reserves opened June at $49.80 billion before crossing the $50 billion threshold on June 5, when they reached $50.12 billion.
The reserves rose further to $50.81 billion by June 15 and reached $51.9 billion on July 31 before climbing to the current $53.1 billion level.
The sustained accumulation points to stronger foreign exchange inflows and improved liquidity conditions in Nigeria’s external sector, while giving the CBN greater capacity to intervene in the foreign exchange market and meet the country’s international financial obligations.
