CBN urged to deploy stronger reserves to defend naira, ease household pressure
By Aboki Forex —
The Central Bank of Nigeria should use the country's improved external reserves to support the naira and reduce the burden on households, according to BudgIT co-founder Oluseun Onigbinde. His call comes as figures show Nigeria's reserves hit roughly $52.83 billion in August, a rise of about $7.27 billion since January.
Reserves rise in 2026
CBN data reported on August 25 put external reserves at $52.83 billion as of August 21, 2026. That represents an increase of about $7.27 billion from the start of the year.
Onigbinde's suggestion ties into the broader national debate over fuel subsidy removal. Some groups are pressing the Federal Government to reconsider the policy, which has strained household finances.
What this means for the naira
Stronger reserves give the CBN more room to intervene in the foreign exchange market and calm pressure on the naira. For consumers and businesses, a more stable exchange rate could mean less uncertainty in pricing and planning, though much depends on how the central bank chooses to deploy the buffers.