Nigeria’s external reserves hits $54bn mark, highest level since 2008

Nigeria’s external reserves have crossed the $54 billion mark for the first time since December 2008, reaching $54.08 billion as of September 3, 2026.

This is according to the latest data from the Central Bank of Nigeria (CBN). CBN data shows that reserves stood at $54,083,850,797.49 on September 3, compared with $53.99 billion on September 2 and $53.90 billion on September 1.
The latest increase means Nigeria’s external reserves have gained about $8.51 billion since the beginning of the year, rising from approximately $45.57 billion to $54.08 billion.

The current position is also approaching the December 2008 level of about $54.21 billion, when Nigeria recorded one of its highest reserve positions during the previous oil boom.

The CBN data shows that the accumulation of reserves has accelerated significantly since the beginning of August. Reserves stood at $51.94 billion on August 3 before rising to $52.06 billion on August 7 and $52.32 billion on August 14. The position increased further to $52.83 billion on August 21 and $53.51 billion on August 28.

By August 31, reserves had reached $53.81 billion before crossing $54 billion three days later. The latest movement represents an increase of about $2.14 billion in August and early September, highlighting the pace at which Nigeria’s external buffers have strengthened in recent weeks.

The improvement in reserves comes as Nigeria’s external position continues to benefit from higher oil earnings and other foreign exchange inflows.

NNPC’s operational data showed stronger production during the second quarter, with crude oil and condensate output averaging 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 stood at 1.68 million barrels per day in July.

NNPC’s revenue rose from N2.57 trillion in January to N2.68 trillion in February and N2.77 trillion in March. Revenue then jumped to N4.97 trillion in April, before standing at N4.34 trillion in May, N4.39 trillion in June and N3.09 trillion in July.

The increase in oil-sector revenue does not mean that the entire amount is immediately converted into dollars available to participants in the foreign exchange market.

The latest position has now surpassed the CBN’s projected reserve level of approximately $51.04 billion for the whole of 2026.
The latest increase in external reserves comes as the CBN maintains a tight monetary policy stance aimed at moderating inflation and supporting macroeconomic stability.