Foreign reserves have hit $53.1 billion as capital inflows from stronger crude oil earnings continue to accelerate accretion.
Data from the Central Bank of Nigeria (CBN)website showed that the reserves closed at $53.1 billion on August 24, the highest level in nearly 18 years.
The current reserves position is far higher than CBN’s projected $51.04 billion year-end target, and will cover over 12 months import for the economy.
Nigeria’s external reserves, which provide the CBN with the capacity to support the local currency and meet external obligations, have continued to rise steadily.
Further analysis showed that the liquid portion of the external reserves stood at $52.5 billion dollar.
Brent crude wednesday traded around $87 dollar per barrel—above Nigeria’s 2026 federal budget benchmark of $64 dollar .85 cent—the price rebound would largely bolster the country’s fiscal revenues.
In its economic projections for 2026, the CBN targeted stronger oil earnings, foreign exchange market reforms and improved external capital inflows to achieve year-end reserves.
Analysts said the current reserves position reinforces the steady growth in Nigeria’s external buffers.