Nigeria external reserves reach 18-year high of $54 billion

Nigeria’s external reserves reached $54.08 billion on September 3, 2026, marking the highest level for the country in 18 years. Since the beginning of the year, the reserves have grown by approximately $8.51 billion, rising from $45.57 billion. This accumulation has accelerated in recent weeks, driven by improved oil production and increased foreign exchange inflows.

The strengthening of the nation's financial buffers has coincided with a rally in the naira. In the official Nigerian Foreign Exchange Market (NFEM), the naira has shown significant appreciation, trading at approximately N1,329 per US dollar. This movement is supported by improved dollar liquidity and record-breaking formal remittance inflows, which reached $947 million in July 2026.

While the official market has seen stability and gains, the parallel market remains higher, with the US dollar trading around N1,400 to N1,410. Analysts suggest that the combination of fiscal reforms, increased oil-sector performance, and rising diaspora remittances is contributing to the improved economic outlook and currency stability.