Nume Ekeghe
External reserves have crossed the $54 billion mark, rising to $54.08 billion as of September 3, 2026, from $41.50 billion recorded on the same date in 2025, representing an increase of $12.58 billion, or 30.3 per cent, year-on-year.
Data on the external reserves obtained from the Central Bank of Nigeria’s website showed that the latest position represents a significant strengthening of external buffers over the past year, with reserves adding more than $12.5 billion between September 2025 and September 2026.
The build-up has also been substantial since the beginning of the year. Reserves stood at $45.61 billion on January 5, 2026, indicating that the latest figure of $54.08 billion represents an increase of approximately $8.48 billion, or 18.6 per cent, in about eight months.
The year-on-year improvement is particularly notable when compared with the $41.50 billion recorded a year earlier. The 30.3 per cent increase means Nigeria has added roughly three-tenths to its external reserve position over the 12-month period.
At $54.08 billion, Nigeria’s external reserves have returned to a level last seen nearly 18 years ago, when it stood at $54.21 billion on December 22, 2008.
The latest figure puts the country’s reserve position back in the $54 billion range for the first time since then, marking a notable turnaround in its external buffers.
CBN Governor, Olayemi Cardoso, recently said Nigeria was closing in on its target of attracting $1 billion in monthly remittance inflows, after inflows through International Money Transfer Operators (IMTOs) rose to a record $947 million in July 2026.
The July figure represented the highest monthly remittance inflow ever recorded through formal channels and took the country within touching distance of the $1 billion monthly milestone set by CBN under Cardoso’s leadership.
Remittance inflows through IMTOs had also reached $3.8 billion in the first seven months of 2026, representing a 50.2 per cent increase over the $2.5 billion recorded in the corresponding period of 2025.