By Onu Okorie

Nigeria’s external reserves have crossed the $54 billion mark for the first time since December 2008, rising to $54.08 billion as of September 3, 2026, according to the latest data from the Central Bank of Nigeria (CBN).
CBN data showed that the country’s reserves stood at $54,083,850,797.49 on September 3, compared with $53.99 billion on September 2 and $53.90 billion on September 1.
The latest increase represents a gain of about $8.51 billion since the beginning of the year, with reserves rising from approximately $45.57 billion to $54.08 billion.
The current reserve position is also approaching the December 2008 level of about $54.21 billion, when Nigeria recorded one of its strongest external reserve positions during the previous oil boom.
The pace of reserve accumulation has accelerated significantly since the beginning of August.
CBN figures showed that reserves stood at $51.94 billion on August 3 before increasing to $52.06 billion on August 7 and $52.32 billion on August 14.
The position rose further to $52.83 billion on August 21 and $53.51 billion on August 28.
By August 31, the reserves had climbed to $53.81 billion before crossing the $54 billion threshold three days later.
The movement represents an increase of about $2.14 billion in August and the first three days of September, underscoring the pace at which Nigeria’s external buffers have strengthened in recent weeks.
The improvement in the country’s external position comes amid stronger oil production and increased foreign exchange inflows.
Operational data from the Nigerian National Petroleum Company showed that crude oil and condensate production averaged 1.68 million barrels per day in April, 1.73 million barrels per day in May and 1.72 million barrels per day in June. Production stood at 1.68 million barrels per day in July. The stronger output has coincided with a significant increase in NNPC’s reported revenue. NNPC’s revenue rose from N2.57 trillion in January to N2.68 trillion in February and N2.77 trillion in March. It then jumped to N4.97 trillion in April before moderating to N4.34 trillion in May, N4.39 trillion in June and N3.09 trillion in July. However, higher oil-sector revenue does not mean the entire amount is immediately converted into dollars available to participants in the foreign exchange market. The accumulation of external reserves reflects the net effect of foreign exchange inflows, outflows and the CBN’s reserve-management operations. The latest reserve position has already surpassed the CBN’s projected reserve level of approximately $51.04 billion for the whole of 2026. The development provides the Nigerian economy with a stronger external buffer and could improve confidence in the country’s ability to meet its international payment obligations and withstand external shocks. The reserve build-up is occurring against the backdrop of the CBN’s tight monetary policy stance, which is aimed at moderating inflation, stabilising the foreign exchange market and strengthening overall macroeconomic stability. With reserves now at $54.08 billion, Nigeria has moved closer to its 2008 peak-era position, marking a significant improvement in its external financial position after years of volatility in oil earnings, foreign exchange inflows and reserve accumulation.