Nigeria’s external reserves hit $54bn , highest level since 2008

Nigeria’s external reserves have risen to $54.08 billion,
extending their steady climb and moving further above the Central Bank of
Nigeria’s (CBN) 2026 forecast.

 

According to CBN data, the last time foreign reserves stood
around $54 billion was on December 22, 2008, when it reached $54,21 billion.

The latest figure represents an increase of about $1.42
billion from the $52.66 billion recorded on August 19, according to recent CBN
data.

The reserves have gained about $8.52 billion from the $45.56
billion recorded on January 2, representing an increase of 18.7 percent in over
eight months.

It crossed the $53 billion mark on August 24, reaching
$53.11 billion, before rising to $53.30 billion on August 26, data shows.

The upward movement continued to $53.51 billion on August 28
and $53.81 billion on August 31.

In September, reserves rose from $53.90 billion on September
1 to $53.99 billion on September 2 before reaching $54.08 billion on September
3, according to the data.

The latest position is about $3.04 billion above the CBN’s
projection of $51.04 billion for external reserves by the end of 2026.

In August, Olayemi Cardoso, governor of the CBN, attributed
the increase in reserves to stronger foreign-exchange inflows, including
receipts from crude-oil-related taxes and third-party inflows.

The surge in foreign reserves has impacted the foreign
exchange (FX) market, with the naira appreciating to N1,315/$ at the official
market on Thursday, the strongest performance in two years.

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