Nigeria’s external reserves have risen above the $54 billion mark for the first time since December 2008, strengthening the country’s foreign exchange buffer amid improved external inflows.
Data from the Central Bank of Nigeria (CBN) showed that the reserves stood at $54.08 billion as of September 3, 2026, up from $53.99 billion recorded a day earlier and $53.90 billion on September 1.
The latest figure represents an increase of about $8.51 billion since the beginning of the year, when the reserves stood at approximately $45.57 billion.
The current reserve level is also close to the $54.21 billion recorded in December 2008, during the previous oil boom, which remains one of Nigeria’s strongest reserve positions.
Reserves accelerate in August
The latest buildup has been particularly rapid since the beginning of August.
CBN figures showed that reserves increased from $51.94 billion on August 3 to $52.06 billion on August 7 and $52.32 billion by August 14.
The reserves subsequently climbed to $52.83 billion on August 21 and $53.51 billion on August 28 before reaching $53.81 billion on August 31.
By September 3, the figure had crossed the $54 billion threshold, representing an increase of about $2.14 billion in August and the first few days of September.
Higher oil earnings boost external position
The improvement in Nigeria’s external reserves comes amid stronger oil production and increased foreign exchange inflows.
Operational data from the Nigerian National Petroleum Company (NNPC) showed that crude oil and condensate production averaged 1.68 million barrels per day in April, 1.73 million barrels per day in May and 1.72 million barrels per day in June.
Production was reported at 1.68 million barrels per day in July.
The rising reserves provide Nigeria with a larger external buffer, potentially strengthening the Central Bank’s capacity to manage foreign exchange pressures and support stability in the naira market.
The latest milestone also comes after the reserves crossed $52 billion in July and $53 billion in August, continuing a sustained upward trend in 2026.
