A latest data from the Central Bank of Nigeria (CBN) has revealed Nigeria’s external reserves have jumped to $53.11billion, representing their highest level in over 17 years thus bringing the country close to the reserve peak recorded in 2009, reports thegazellenews.com.
The latest development, according to the data, put Nigeria’s reserves just $142 million short of the January 2009 level, showing a significant recovery in the country’s external liquidity position.
According to the data, that reserves stood at $53.112 billion as of 24 August, 2026, just as it also added that the figure is the highest since 12 January, 2009, when the reserves reached $53.25 billion.
.The data added that the reserve buildup has risen since June, just as it said that the reserves increased from $49.96 billion on 3 June to $53.11 billion on 24 August, representing a gain of about $3.15 billion.
The data, which also showed that reserves also jumped from $51.53 billion on 3 July to $53.11 billion by 24 August, also disclosed that it rose above the $52 billion mark on 27 July and subsequently jumped to $52.86 billion on 21 August.
According to the data, the sustained momentum has been supported partly by stronger oil earnings and increased dollar inflows into the economy, just as it also adding the accumulation is gaining momentum side by side with the CBN’s tight monetary policy stance, which is directed at containing inflation and supporting broader macroeconomic stability.
The acting Director, Corporate Communications and Investor Relations Department at the CBN, Hakama Sidi-Ali, early this month disclosed that over the past 34 months, the Governor of the CBN, Olayemi Cardoso, had carried out bold reforms to establish the much-needed foundation for Nigeria’s next economic phase, promoting inclusive growth and job creation to alleviate poverty.
Sidi Sidi-Ali, who listed some of the reforms to include the unification and greater transparency of the foreign exchange market; successful banking sector recapitalisation, also added that the development has fundamentally strengthened the resilience, capacity and competitiveness of the Nigerian banking industry.
Others, according to the image-maker of the apex bank, are the launch of the non-resident BVN to connect Nigerians abroad with local banking services; the B-Match System for forex trading; unveiling of the Nigeria Payments System Vision 2028; and introduction of a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public sector deposits to enhance liquidity management and curb inflationary risks, among other reforms.
