External Reserves Sustain Upswing to $54.08 Billion, Strengthening Nigeria’s Buffers - THISDAYLIVE
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.
Founded on January 22, 1995, THISDAY is published by THISDAY NEWSPAPERS LTD., 35 Creek Road Apapa, Lagos, Nigeria with offices in 36 states of Nigeria , the Federal Capital Territory and around the world. It is Nigeria’s most authoritative news media available on all platforms for the political, business, professional and diplomatic elite and broader middle classes while serving as the meeting point of new ideas, culture and technology for the aspirationals and millennials. The newspaper is a public trust dedicated to the pursuit of truth and reason covering a range of issues from breaking news to politics, business, the markets, the arts, sports and community to the crossroads of people and society.
You can email us at: hello@thisdaylive.com or visit our contact us page.
