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Nigeria’s external reserves have risen by $7.09 billion since the start of the year, reaching $52.66 billion as of August 19, 2026, latest data from the Central Bank of Nigeria (CBN) has shown.
The latest figure represents a 15.6 per cent increase from the $45.57 billion recorded on January 2.
The steady rise in reserves gives the CBN a stronger dollar buffer to support the naira and cushion the economy against external shocks.
CBN data showed that the reserves briefly fell earlier in the year before recovering strongly.
Between April 1 and May 7, reserves dropped by $855 million from $49.18 billion to $48.33 billion.
However, the reserves have gained $4.33 billion since the May low, crossing the $50 billion mark in early June and reaching $51.06 billion by June 19.
The reserves later crossed $52 billion in July. From $51.94 billion on August 3, they increased by about $715 million in less than three weeks to reach $52.66 billion on August 19.
The increase has come amid improved foreign exchange liquidity and a stronger naira.
The naira traded at about N1,346.90 to the dollar at the Nigerian Foreign Exchange Market (NFEM) as of August 21.
Analysts attributed the growth in reserves to stronger dollar inflows, including earnings from crude oil exports and investment inflows.
Chief Executive Officer of Nisela Capital Limited, Dr Jerry Igwilo, said higher crude oil prices had boosted Nigeria’s foreign exchange earnings.
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“We have seen that in the last couple of months, the prices of crude oil have gone up because of the Iran-US war.
What that has done is that it has increased the amount of dollars we get for selling our crude oil,” he said.
“For Nigeria, the increase in foreign reserves means that we’re able to get in more revenue in foreign currency,” Igwilo added.
Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf, also linked the rise to improved investor confidence and stronger foreign inflows.
He said increased portfolio investment and better export performance had contributed to the buildup.
The rise in reserves comes as the CBN continues efforts to deepen the foreign exchange market, improve transparency and increase liquidity.
The stronger reserve position also gives Nigeria more room to meet its international obligations and withstand external economic pressures.
Meanwhile, the CBN’s Monetary Policy Committee retained the Monetary Policy Rate at 26.5 per cent at its July meeting.
The committee also kept the Cash Reserve Ratio at 45 per cent for commercial banks and 16 per cent for merchant banks.
The Standing Facilities Corridor remained at +50/-450 basis points around the MPR, while the CRR on non-TSA public sector deposits was retained at 75 per cent.
