Nigeria’s external reserves have risen to $54.08 billion, reaching their highest level in nearly 18 years, according to data from the Central Bank of Nigeria (CBN).
The latest figure marks an increase of about $1.42 billion from the $52.66 billion recorded on August 19.
CBN data showed that the reserves have risen by approximately $8.52 billion, or 18.7 per cent, from $45.56 billion recorded on January 2, 2026.
The reserves crossed the $53 billion mark on August 24, reaching $53.11 billion.
They subsequently rose to $53.30 billion on August 26, $53.51 billion on August 28 and $53.81 billion on August 31.
The upward trend continued in September, with reserves increasing from $53.90 billion on September 1 to $53.99 billion on September 2 before reaching $54.08 billion on September 3.
The latest figure is about $3.04 billion above the CBN’s 2026 projection of $51.04 billion for the country’s external reserves by the end of the year.
The last time Nigeria’s foreign reserves stood around the $54 billion level was on December 22, 2008, when they reached approximately $54.21 billion.
CBN Governor Olayemi Cardoso had attributed the recent growth in reserves to stronger foreign exchange inflows, including receipts from crude oil-related taxes and third-party inflows.
The increase in reserves has also coincided with improved performance by the naira in the foreign exchange market.
On Thursday, the naira appreciated to N1,315 per dollar at the official market, marking its strongest performance in two years.
