Nigeria’s Foreign Reserves Rise to $54.13bn, Second-Highest on Record

Nigeria’s gross foreign exchange reserves have risen to $54.13 billion, putting the country’s external reserves at their second-highest level on record, according to figures cited from the Central Bank of Nigeria (CBN). The latest figure was disclosed by O’tega Ogra, Senior Adviser on Digital and New Media to President Bola Ahmed Tinubu, who said the data showed a significant improvement in Nigeria’s external reserves. According to the figures, Nigeria’s reserves have increased by about $21.84 billion, or nearly 68 per cent, from approximately $32.29 billion in May 2023, when President Tinubu assumed office. The current level is reportedly second only to the $62.08 billion recorded in September 2008, which remains Nigeria’s historical peak. The 2026 figure also exceeds the previous recent high of about $45.71 billion recorded in 2025. What Is Driving the Increase? The rise in reserves comes amid significant changes in Nigeria’s foreign-exchange and economic policy environment, including reforms implemented by the Tinubu administration and the CBN. Higher foreign-exchange inflows, improved oil-sector performance, and changes in the management of the foreign-exchange market are among the factors being watched as Nigeria seeks to strengthen its external position. The development also comes shortly after Nigeria recorded a ₦12.59 trillion merchandise trade surplus in the second quarter of 2026, with exports significantly exceeding imports during the period. Government Hails Economic Reforms Ogra attributed the growth in reserves to the Tinubu administration’s economic reforms, arguing that the latest figures indicate that the reforms are beginning to produce measurable results. He acknowledged that some of the reforms have been difficult for Nigerians but said the improvement in key economic indicators was beginning to show their impact. However, the rise in foreign reserves does not by itself mean that Nigeria’s broader economic challenges have been resolved. Foreign reserves provide an important buffer for meeting external obligations, supporting foreign-exchange liquidity and strengthening confidence in an economy. But issues such as inflation, unemployment, purchasing power, debt servicing and the cost of living remain separate measures of economic wellbeing. The sustainability of the reserve accumulation will therefore depend on Nigeria’s ability to maintain stable foreign-exchange inflows, increase productive capacity and strengthen both oil and non-oil exports. For now, the $54.13 billion reserve position represents a major improvement in Nigeria’s external financial buffer and the highest level recorded since the global financial crisis era. Source: Vanguard, citing CBN data and O’tega Ogra — September 8, 2026. Editorial note: The $54.13 billion figure is attributed to CBN data cited by the Presidency. The attribution of the reserve increase to specific government reforms represents the position of the Tinubu administration and should not be interpreted as an independently established causal conclusion.