Nigeria's External Reserves Hit $54bn, Highest in 18 Years

Nigeria's external reserves crossed the $54 billion mark on August 3, 2026, reaching an 18-year high. Data from the Central Bank of Nigeria (CBN) put the 30-day moving average of reserves at $54.083 billion.

That is the highest level since December 22, 2008, when reserves stood at $54.211 billion. In five days, reserves gained $573.99 million. Year to date, accretion stands at $8.51 billion.

Naira firms across markets

At the close of business on Friday, the naira traded at N1,390 per dollar at the parallel market. On the official market, the naira sold at N1,321.21 per dollar, a firmer position than where it started the week. On Monday, at the Nigerian Foreign Exchange Market (NFEM), the naira stood at N1,332.93 per dollar. This brings the week-to-date gain to N11.72, or 0.88 per cent appreciation.

Analysts note that the accretion of reserves puts the naira on course for its best year since 2018, ahead of FTSE Russell's reinclusion of Nigeria as a frontier market on September 21.

Positive outlook for the naira

Analysts at Cowry Assets Management say they expect the outlook of the naira to remain positive, as the currency should be supported by improved foreign liquidity, rising external reserves and elevated crude oil prices.

“Overall, stronger oil revenues should continue to support Nigeria's external position and provide a favourable backdrop for the naira in the near term,” they said.

For Nigerian businesses and consumers, the sustained reserve build-up and the naira's recent gains point to improved dollar supply in the coming months. The expected FTSE Russell reinclusion could attract more foreign portfolio inflows, helping to narrow the gap between official and parallel market rates and easing pressure on importers.