Nigeria’s reserves reach $54 billion, highest level in 18 years

Nigeria’s external reserves have climbed above $54 billion for the first time in nearly 18 years, giving the country a larger foreign-exchange buffer and putting the figure well above the central bank’s forecast for the end of 2026.

Central Bank of Nigeria data showed reserves at $54.08 billion on Sept. 3, up from $53.99 billion a day earlier and $53.90 billion on Sept. 1. The latest figure is the highest recorded since Dec. 22, 2008, when reserves stood at about $54.21 billion.

The buildup has accelerated in recent weeks. Reserves rose from $52.66 billion on Aug. 19, an increase of about $1.42 billion, after crossing $53 billion on Aug. 24. They then moved steadily higher, reaching $53.30 billion on Aug. 26, $53.51 billion on Aug. 28 and $53.81 billion on Aug. 31. Since Jan. 2, reserves have increased by about $8.52 billion, or 18.7%.

The latest total is $3.04 billion above the Central Bank of Nigeria’s projection of $51.04 billion by the end of 2026. Governor Olayemi Cardoso has linked the sustained rise to stronger foreign-exchange inflows, including crude-oil-related tax receipts and third-party inflows. The increase has coincided with a stronger naira, which appreciated to 1,315 naira per dollar in the official market on Thursday, its strongest level in two years. The higher reserves strengthen the central bank’s capacity to support stability in the foreign-exchange market.