Nigeria’s reserves hit 17-year high at $53.11bn

Nigeria’s foreign exchange reserves have risen above $53 billion for the first time in over 17 years, hitting $53.11 billion as of August 24, 2026, the highest since January 2009, Nairametrics reports.

Central Bank of Nigeria data show reserves grew by $3.15 billion between June and August, driven largely by rising crude oil prices.

Nisela Capital CEO Dr Jerry Igwilo said the buffer’s sustainability depends on oil revenues and capital inflows. The naira closed at N1,343 per dollar on August 26, while reserves have grown $7.09 billion since the start of 2026.