Nigeria’s foreign exchange reserves have crossed the $54bn (£41bn) mark for the first time since December 2008, reaching $54.08bn on 3 September.
Figures released by the Central Bank of Nigeria (CBN) show that external reserves rose from $53.99bn on 2 September, driven by steady growth in crude oil revenues and foreign currency inflows.
The reserve position has now gained approximately $8.51bn since the start of the year, up from $45.57bn recorded in January, surpassing the central bank’s full-year projection of $51.04bn for 2026.
The current figure approaches the historic peak of $54.21bn recorded in December 2008 during an international oil boom.
Accelerating buffer growth
The accumulation of external reserves has gathered momentum over recent weeks, gaining $2.14bn since early August.
The improvement follows sustained domestic oil production levels reported by the state oil firm, the Nigerian National Petroleum Company Limited (NNPC). Crude oil and condensate production averaged around 1.7 million barrels per day through the second quarter of the year.
The build-up in foreign exchange buffers coincides with the central bank maintaining a tight monetary policy stance to curb inflation and stabilise the local currency.
At its last policy meeting in July, the CBN retained its benchmark interest rate at 26.5%, while keeping the cash reserve ratio for commercial banks at 45%.
Nigeria’s foreign exchange reserves have crossed the $54bn (£41bn) mark for the first time since December 2008, reaching $54.08bn on 3 September.
Figures released by the Central Bank of Nigeria (CBN) show that external reserves rose from $53.99bn on 2 September, driven by steady growth in crude oil revenues and foreign currency inflows.
The reserve position has now gained approximately $8.51bn since the start of the year, up from $45.57bn recorded in January, surpassing the central bank’s full-year projection of $51.04bn for 2026.
The current figure approaches the historic peak of $54.21bn recorded in December 2008 during an international oil boom.
Accelerating buffer growth
The accumulation of external reserves has gathered momentum over recent weeks, gaining $2.14bn since early August.
The improvement follows sustained domestic oil production levels reported by the state oil firm, the Nigerian National Petroleum Company Limited (NNPC). Crude oil and condensate production averaged around 1.7 million barrels per day through the second quarter of the year.
The build-up in foreign exchange buffers coincides with the central bank maintaining a tight monetary policy stance to curb inflation and stabilise the local currency.
At its last policy meeting in July, the CBN retained its benchmark interest rate at 26.5%, while keeping the cash reserve ratio for commercial banks at 45%.
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