Nigeria’s foreign exchange reserves have climbed to $54.08bn, the highest level in nearly 18 years, highlighting a sustained build-up of external buffers and strengthening the Central Bank’s capacity to manage the currency.
Central Bank of Nigeria (CBN) latest data show reserves rose to $54.08bn on September 3, up from $53.99bn a day earlier and $53.90bn on September 1.
The latest level is the largest since December 22, 2008, when reserves were about $54.21billion.
Since mid‑August the stockpile has increased by roughly $1.42bn from $52.66bn on August 19, and by $8.52bn year‑to‑date from $45.56bn on January 2 — an 18.7 per cent gain in just over eight months.
The reserves crossed the $53bn threshold on August 24 and have climbed steadily through to early September.
The current position sits about $3.04bn above the CBN’s own projection of $51.04bn for end‑2026 reserves, a gap that highlights the quicker‑than‑expected inflows this year.
Governor of the CBN Olayemi Cardoso has ascribed the rise to firmer foreign exchange receipts, notably crude oil‑related taxes and third‑party inflows.
The accumulation of reserves has coincided with a firmer naira: the currency strengthened to N1,315 per dollar in the official market on Thursday, its strongest level in two years, according to the CBN figures.
NewsQuest reports that higher reserves give the bank greater scope to smooth market volatility and defend the currency, although sustained stability will depend on continued oil receipts and diversified inflows.
Our correspondent gathered from policymakers that the challenge will now be to translate stronger external buffers into durable confidence without undermining efforts to liberalise the foreign exchange market and tackle inflationary pressures at home.
President Bola Tinubu has often cited the growth in Nigeria’s external reserves as evidence of the gains from his economic reforms and that they are working.
