Nigeria's external reserves rise by $7.09bn in eight months, hit $52.66bn

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Nigeria's external reserves have gained $7.09 billion since the start of 2026, rising to $52.66 billion by 19th August, according to Central Bank of Nigeria figures. The reserve balance has expanded by 15.6 per cent from $45.57bn recorded on 2nd January, giving the monetary authorities a bigger buffer to manage foreign exchange pressures.

Mixed trend in accumulation

The build-up has not been uninterrupted. Reserves declined by $855 million between 1st April and 7th May, dropping from $49.18bn to $48.33bn. The balance later recovered, adding $4.33bn in roughly three months.

Nigeria's reserve stock crossed $50bn in early June and climbed to $51.06bn by 19th June. It moved above $52bn in July. In August, the pace remained firm. From $51.94bn on 3rd August, reserves increased by about $715m to $52.66bn by 19th August.

FX market and monetary policy stance

The stronger external position has come alongside improved conditions in the foreign exchange market. The naira traded around N1,346.90/$ at the Nigerian Foreign Exchange Market on August 21.

Analysts said the reserve growth reflects stronger dollar earnings and improved capital inflows. Meanwhile, the CBN kept its Monetary Policy Rate unchanged at 26.5 per cent at its July meeting. The Monetary Policy Committee retained the Cash Reserve Ratio at 45 per cent for commercial banks and 16 per cent for merchant banks, while keeping the Standing Facilities Corridor at +50/-450 basis points around the MPR. The CRR on non-TSA public sector deposits remained at 75 per cent.

What it means for the naira

“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,” said Henry Ademola, a Lagos-based economist. For Nigerian businesses and consumers, the larger buffer may help reduce sharp naira swings, but the direction of the currency still depends on how long the inflows remain steady.

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