BREAKING: Nigeria’s external reserves cross $54 billion, highest level in 18 years

Nigeria's external reserves have reached an all-time high of $54.08 billion, the highest level in 18 years, as of September 3, 2026. This surge in reserves is primarily due to higher oil earnings and other foreign exchange inflows. The Central Bank of Nigeria (CBN) reported that the country's reserves climbed from $45.57 billion at the beginning of the year to the current figure.

This increase represents an additional $8.51 billion since the start of the year. The current level of reserves is also nearing the December 2008 level of around $54.21 billion, which marked one of Nigeria's highest reserve positions during a previous oil boom. The accumulation of reserves has accelerated significantly since the beginning of August, with reserves increasing from $51.94 billion on August 3 to $54.08 billion three weeks later.

The improvement in reserves has been driven by stronger production in the oil sector and increased foreign exchange inflows. The NNPC's operational data showed higher production during the second quarter, with crude oil and condensate output averaging 1.68 million barrels per day in April, May, and June. This increase in oil-sector revenue has contributed to the bolstering of external reserves, although it does not immediately convert into dollar amounts available for the foreign exchange market.

The Nigerian National Petroleum Corporation (NNPC) reported revenue rising from N2.57 trillion in January to N4.34 trillion in June, reaching a peak of N4.97 trillion in April before decreasing to N3.09 trillion in July. The Central Bank of Nigeria has maintained a tight monetary policy stance to moderate inflation and support macroeconomic stability.

At its last meeting on July 20 and 21, 2026, the Monetary Policy Committee retained the Monetary Policy Rate at 26.5%.