Nigeria’s external reserves crossed the $54 billion mark on 3 August 2026, reaching their highest level in 18 years. Central Bank of Nigeria data put the 30-day moving average of reserves at $54.083 billion.
That is the strongest position since 22 December 2008, when reserves stood at $54.211 billion. Reserves rose by $573.99 million over five days, while year-to-date accretion stands at $8.51 billion.
Naira Firms Across Markets
At the close of business on Friday, the naira traded at N1,390 per dollar in the parallel market. In the official market, it sold at N1,321.21 per dollar, firmer than where it started the week. On Monday at the Nigerian Foreign Exchange Market, the naira stood at N1,332.93 per dollar. That brings the week-to-date gain to N11.72, or an appreciation of 0.88 per cent.
Analysts note that the build-up in reserves puts the naira on course for its strongest year since 2018, ahead of FTSE Russell’s planned reinclusion of Nigeria as a frontier market on 21 September.
Positive Outlook for the Currency
Analysts at Cowry Assets Management said they expect the naira’s outlook to remain positive, supported by improved foreign liquidity, rising external reserves and elevated crude oil prices.
“Overall, stronger oil revenues should continue to support Nigeria’s external position and provide a favourable backdrop for the naira in the near term,” they said.
For Nigerian businesses and consumers, the sustained accumulation of reserves and the naira’s recent gains point to better dollar supply in the coming months. The expected FTSE Russell reinclusion could attract additional foreign portfolio inflows, helping to narrow the gap between official and parallel market rates and easing pressure on importers.
