ABUJA — Nigeria’s gross foreign exchange reserves have risen to $54.13 billion, their second-highest level on record, according to O’tega Ogra, Senior Adviser on Digital and New Media to President Bola Tinubu.
Ogra disclosed this in a post on his X handle on Monday, citing data from the Central Bank of Nigeria (CBN).
According to him, the current reserve level is second only to the $62.08 billion recorded in September 2008, when Nigeria’s reserves reached their historical peak amid the global financial crisis.
He listed Nigeria’s 10 highest foreign reserve peaks since 1999 as $62.08 billion in 2008; $54.13 billion in 2026; $53.25 billion in 2009; $51.33 billion in 2007; $48.86 billion in 2013; $47.87 billion in 2018; $45.71 billion in 2025; $45.18 billion in 2019; $44.18 billion in 2012; and $43.61 billion in 2014.
Ogra said the development meant Nigeria currently had more foreign reserves than at any point since the 2008 global financial crisis.
He noted that reserves had increased from $32.29 billion in May 2023, when Tinubu assumed office, to $54.13 billion, representing an increase of $21.84 billion, or nearly 68 per cent.
“Even though the reforms have been difficult, the numbers are beginning to tell their own story. We are on the way to prosperity,” Ogra said.
He described the reserve accumulation as an indication of the impact of the Tinubu administration’s economic reforms. “Thank you Mr President,” he added.
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