Nigeria’s foreign reserves cross $53 billion, hit highest level since 2009
Nigeria’s foreign exchange reserves have risen above $53 billion for the first time in more than 17 years, reaching $53.11 billion as of August 24, 2026. The post Nigeria’s foreign reserves cross $53 billion, hit highest level since 2009 appeared first on Nairametrics .
Nigeria's foreign exchange reserves have reached a record high of $53.11 billion, surpassing the previous peak of $53.25 billion set in January 2009. This milestone comes after a steady increase since June, with the latest data showing continued accumulation despite fluctuations in the foreign exchange market. The reserves rose from $49.96 billion on June 3 to $53.112 billion as of August 24, according to the Central Bank of Nigeria's (CBN) data.
Dr Jerry Igwilo, CEO of Nisela Capital Limited, stated that the stronger reserve position offers Nigeria a larger external buffer, but its sustainability depends on the sources of dollar inflows. The improvement in reserves is attributed to higher crude oil prices, which have boosted dollar earnings from Nigeria's oil exports. The naira also maintained relative stability, closing at N1,349.99 per dollar on August 24, with a weighted average rate of N1,346.98 and total interbank turnover of approximately $152.60 million.
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