Nigeria's Reserves Soar to $54 Billion High

Nigeria's external reserves have reached their highest level in about 18 years, surpassing $54 billion. This significant increase is attributed to stronger foreign-exchange inflows, which have boosted the country's external position.

The naira has strengthened to N1,315 per dollar at the official market, marking one of its strongest performances against the US dollar in recent years.

This reserve buildup provides a larger buffer against external shocks and can support stability in the foreign exchange market. The current reserves are approximately $3.04 billion above the Central Bank of Nigeria's (CBN) 2026 projection.