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Nigeria’s External Reserves Surge by $7.09bn to $52.66bn as Naira Gains Strength
Nigeria’s External Reserves Surge by $7.09bn to $52.66bn as Naira Gains Strength
Nigeria’s external reserves have recorded a remarkable increase of $7.09 billion since the beginning of 2026, rising to $52.66 billion as of August 19, 2026, in a major boost to the country’s economic outlook.
Latest figures from the Central Bank of Nigeria showed that the reserves expanded by 15.6 per cent in less than eight months, climbing from $45.57 billion recorded on January 2, 2026, to the current level.
The impressive growth underscores a sustained recovery in the country’s external position, with the reserves gaining momentum despite a temporary decline earlier in the second quarter of the year.
Data from the apex bank showed that the reserves fell by $855 million between April 1 and May 7, declining from $49.18 billion to a period low of $48.33 billion.
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However, the downturn proved temporary as Nigeria’s external reserves staged a strong rebound from May, adding approximately $4.33 billion over the following three months.
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The recovery gathered pace in June when the reserve balance crossed the $50 billion mark. By June 19, it had risen further to $51.06 billion before surpassing the $52 billion threshold in July.
The upward momentum continued into August. From $51.94 billion recorded on August 3, the reserves gained about $715 million in less than three weeks, reaching $52.66 billion by August 19.
The steady accumulation of external reserves has coincided with improving foreign exchange liquidity and renewed strength in the naira, signalling a more stable environment in Nigeria’s foreign exchange market.
Recent market data showed that the naira traded at about N₦1,346.90 to the dollar at the Nigerian Foreign Exchange Market as of August 21.
The sharp rise in reserves is expected to further strengthen the Central Bank of Nigeria’s capacity to support the foreign exchange market, boost investor confidence and provide a stronger buffer against external economic shocks.
With more than $7 billion added to the nation’s reserves since the start of the year, Nigeria appears to be building a stronger external financial position as the country pushes for sustained currency stability and broader economic recovery.
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