Nigeria’s external reserves have climbed to $54.08 billion, continuing their steady increase and moving further above the Central Bank of Nigeria’s (CBN) 2026 projection.
CBN data showed that the last time the country’s foreign reserves were around the $54 billion level was on December 22, 2008, when they stood at $54.21 billion.
The latest figure represents an increase of approximately $1.42 billion from the $52.66 billion recorded on August 19, according to the latest CBN data.
The reserves have also increased by about $8.52 billion from the $45.56 billion recorded on January 2, representing an 18.7 per cent rise in just over eight months.
The reserves crossed the $53 billion mark on August 24, reaching $53.11 billion, before rising further to $53.30 billion on August 26.
The upward trend continued, with reserves reaching $53.51 billion on August 28 and $53.81 billion on August 31.
In September, the reserves increased 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 approximately $3.04 billion higher than the CBN’s projected $51.04 billion external reserves target for the end of 2026.
In August, CBN Governor Olayemi Cardoso attributed the growth in reserves to stronger foreign exchange inflows, including receipts from crude oil-related taxes and third-party inflows.
The rise in external reserves has also had an impact on the foreign exchange (FX) market, with the naira appreciating to N1,315/$ at the official market on Thursday, its strongest performance in two years.