Nigeria’s external reserves have risen to $54.08 billion, crossing the $54 billion mark for the first time since December 2008.
The latest figure, recorded as of September 3, 2026, represents an increase of about $8.51 billion from the $45.57 billion recorded at the beginning of the year.
Data from the Central Bank of Nigeria (CBN), analysed by Nairametrics, showed that the reserves stood at $54,083,850,797.49 on September 3, compared with $53.99 billion on September 2 and $53.90 billion on September 1.
The current reserve level is also approaching the $54.21 billion recorded in December 2008 during the previous oil boom.
The steady accumulation has accelerated since the beginning of August, when the reserves stood at $51.94 billion.
The figure rose to $52.06 billion on August 7, $52.32 billion on August 14, $52.83 billion on August 21 and $53.51 billion on August 28.
By August 31, the reserves had increased to $53.81 billion before crossing the $54 billion mark three days later.
Overall, the reserves gained about $2.14 billion between August and the first three days of September, reflecting the pace of growth in recent weeks.
The increase comes amid improved earnings from the oil sector and other foreign exchange inflows.
Operational data from the Nigerian National Petroleum Company (NNPC) showed that crude oil and condensate production averaged 1.68 million barrels per day in April, 1.73 million barrels per day in May and 1.72 million barrels per day in June. Production stood at 1.68 million barrels per day in July.
NNPC revenue also rose from N2.57 trillion in January to N2.68 trillion in February and N2.77 trillion in March. It surged to N4.97 trillion in April before declining to N4.34 trillion in May, N4.39 trillion in June and N3.09 trillion in July.
However, higher oil-sector revenue does not mean the entire amount is immediately converted into dollars available to participants in the foreign exchange market.
With the latest increase, Nigeria’s external reserves have also surpassed the CBN’s projected reserve level of about $51.04 billion for 2026.
The development comes as the apex bank maintains a tight monetary policy stance aimed at containing inflation and supporting macroeconomic stability.
At its 306th Monetary Policy Committee meeting held in Abuja on July 20 and 21, 2026, the CBN retained the Monetary Policy Rate at 26.5%.
The Cash Reserve Ratio was also retained at 45% for commercial banks and 16% for merchant banks, while the Standing Facilities Corridor remained at +50/-450 basis points around the MPR.
The CRR on non-TSA public sector deposits was equally retained at 75%.
