Nigeria's FX reserves hit $52.66bn, highest in 17 years, surpass CBN 2026 target
By Aboki Forex —
Nigeria's gross external reserves rose to $52.66 billion as of August 19, the highest level in more than 17 years, according to the Central Bank of Nigeria (CBN). The reserves stood at $52.65 billion on August 19, up from $45.56 billion on January 2, an increase of about $7.09 billion or 15.6 percent in less than eight months.
The latest position also surpasses the CBN's 2026 macroeconomic projection of about $51.04 billion by roughly $1.62 billion.
How the reserves moved
Data from the CBN showed that reserves crossed the $52 billion mark for the first time this year in July, reaching $52.02 billion on July 20. That figure was the highest since January 2009, when reserves stood at about $52.01 billion.
The reserve position had declined earlier in the year, falling from $49.18 billion on April 1 to about $48.33 billion in early May. It subsequently recovered, crossing the $50 billion mark in June and rising above $51 billion before surpassing $52 billion in July.
The previous 2026 peak was about $52.04 billion, recorded in July. The new August figure beats that level.
CBN governor explains the rise
Olayemi Cardoso, governor of the CBN, had earlier attributed the increase in reserves to stronger foreign exchange inflows, including receipts from crude-oil-related taxes and third-party inflows.
Cardoso also said the reserve level provided import cover for about 11 months of goods and services, significantly above the three-month international benchmark.
Naira gains, outlook brightens
The increase in the external buffer has coincided with improved foreign exchange liquidity and a stronger naira. Recent market data showed the naira appreciating to about N1,346.49 per dollar in the official market last week.
For Nigerian businesses and consumers, the stronger reserve position supports exchange rate stability and reduces fears of external payment pressure. With reserves now above the CBN's own 2026 forecast, the central bank has more room to defend the naira if oil prices or portfolio flows turn volatile.