External Reserves Sustain Upswing to $54.08 Billion, Strengthening Nigeria’s Buffers

Nigeria’s external reserves have crossed the $54 billion mark, reaching $54.08 billion on September 3, 2026. The figure compares with $41.50 billion on the same date in 2025, representing an increase of $12.58 billion, or 30.3 percent, over the year.

Central Bank of Nigeria data showed that the build-up also accelerated from the start of 2026. Reserves stood at $45.61 billion on January 5, meaning they increased by about $8.48 billion, or 18.6 percent, in roughly eight months.

The latest position brings Nigeria’s reserves back into the $54 billion range for the first time since 2008. The country held $54.21 billion on December 22 that year, making the current level the closest comparison in nearly 18 years.

The reserve increase coincides with stronger formal remittance flows. CBN Governor Olayemi Cardoso recently said Nigeria was nearing its target of attracting $1 billion in monthly remittances. Inflows through International Money Transfer Operators reached a record $947 million in July 2026.

For the first seven months of the year, IMTO remittances totaled $3.8 billion, up 50.2 percent from $2.5 billion in the corresponding period of 2025.