₦airaland Forum

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.

Checks by Nairametrics on the Central Bank of Nigeria’s (CBN) data show that the latest figure is the highest since January 12, 2009, when reserves stood at $53.25 billion.

The milestone extends a steady increase recorded since June, with the latest data showing continued accumulation despite movements in the foreign exchange market.

What the data is saying
External reserves stood at $53.112 billion on August 24, up from $49.96 billion on June 3, according to the data provided.

The apex bank data shows that the reserves increased by about $3.15 billion between June 3 and August 24.
The data also show that the balance rose from $51.53 billion on July 3 to $53.11 billion by August 24.
According to the data, the reserves crossed $52 billion on July 27 and reached $52.86 billion on August 21.
At $53.11 billion, the latest position is about $142 million below the $53.25 billion recorded in January 2009.
The data shows that the buildup accelerated through July and August, bringing the reserve position close to its previous 2009 peak

More insights
Dr Jerry Igwilo, Chief Executive Officer of Nisela Capital Limited, said the stronger reserve position provides Nigeria with a larger external buffer but warned that its sustainability will depend on the sources of dollar inflows.

“The continued rise in reserves gives Nigeria a stronger external cushion, but the sustainability of the buildup will remain closely tied to oil revenues, capital inflows and the broader performance of the foreign exchange market.”

“We have seen that in the last couple of months, the prices of crude oil have gone up… What that has done is that it has increased the amount of dollars we get for selling our crude oil.”
Igwilo said higher crude oil prices have supported the increase in dollar earnings from Nigeria’s oil exports.

The reserve improvement has occurred alongside relative stability in the foreign exchange market.

The naira closed at N1,343 per dollar on August 26, while the weighted average rate was N1,343.59, based on the data supplied.

The foreign exchange market recorded 213 interbank deals on the day, with total interbank turnover of about $235.99 million.

On August 24, the naira closed at N1,349.99 per dollar, with a weighted average rate of N1,346.98 and total interbank turnover of about $152.60 million.

What you should know
Nairametrics earlier reported that Nigeria’s external reserves have grown by $7.09 billion since the beginning of 2026.

The latest position has now surpassed the CBN’s projected reserve level of approximately $51.04 billion for the whole of 2026.

The continued accumulation of reserves provides a stronger external buffer for the Nigerian economy and comes as the CBN continues efforts to strengthen foreign exchange market stability.
Also, the latest increase in external reserves comes as the CBN maintains a tight monetary policy stance aimed at moderating inflation and supporting macroeconomic stability.

LagosOrigin:
I refused to be deceived by this desperate and shameless lying machines in government

ElSudani:
At this point you are basically deceiving yourself. The figures are there to be fact Checked.
Best result in 17 years is not the type of data you can just brush aside in order to promote your usual dark narratives.
Tell us and prove to us that it isn't so.

budaatum:
I wanted to claim it was all down to Dangote, but on checking found it is mostly down to Tinubu, and dump in Iran.

Vote for Obi!

LagosOrigin:
I refused to be deceived by this desperate and shameless lying machines in government

Diamonddris:
What's the essence of all this if a common Nigerian can't afford a decent one square meal?

Can he look inwards?

Originalsly:
So why are we borrowing? ... maybe to boost the reserves? Now let's hear about how our debts been doing .... also a record sins 2015?

emkz:
The gains of Tinubunomics.

anonimi:
March 8, 2013
Nigeria operating voodoo economy – Tinubu

FORMER Lagos State Governor, Asiwaju Bola Ahmed Tinubu, yesterday, dissected Nigeria’s economy and declared that the country was operating a voodoo economic policy that is pauperising the citizenry and urged urgent economic surgery to save the polity.

For instance, Tinubu wondered why the Federal Government is maintaining a foreign reserve of $46 billion with one or two per cent interest and shouldering a load of $42 billion domestic debt, which it services with 16 per cent interest.

“This is voodoo economy,” he said, adding, “they are operating it because they don’t know what to do. It is choking the private sector.

“We must in this country do away with the idea of ‘it is better save the money and spend the people.’ Rather I will say we should adopt the policy of ‘it is better to save the people and spend the fund.’

https://www.vanguardngr.com/2013/03/nigeria-operating-voodoo-economy-tinubu/amp/

Darekiki:
Tinubu really worked on the economy to generate funds. Which I know he is good at doing. But brought in politics to destroy everything by releasing funds for governors and political friends, while those hungry lions kept milking the nation.
People are saying seyi Makinde is good
He tried but also disappointed with abandoned local government roads to various areas since Akala tenure.
Well we can't have a perfect government but abandoned roads to various neighborhoods is disheartening. Bcus nobody will tell you to avoid some areas by the time mechanics open shop for your head.

Sirleo05:
what's the essence of this to us ? when fuel is still high, dollar is still high, cost of living is still high, minimum wage is rubbish, Nigerians are hungry etc no be statistics we go chop