NIGERIA’S FOREIGN RESERVES GAIN $7BN IN EIGHT MONTHS

Nigeria’s external reserves have gained $7.09 billion since the beginning of 2026, rising to $52.66 billion as of August 19, according to data from the Central Bank of Nigeria.

The latest figure represents a 15.6 per cent increase from the $45.57 billion recorded on January 2, strengthening the country’s external liquidity position.

The increase gives the monetary authorities a larger buffer to manage foreign exchange pressures and meet Nigeria’s international financial obligations.

The growth, however, has not been steady throughout the year. Reserves fell by about $855 million between April 1 and May 7, declining from $49.18 billion to $48.33 billion.

The reserves subsequently recovered, adding approximately $4.33 billion over the following three months.

Nigeria’s external reserves crossed the $50 billion mark in early June and reached $51.06 billion by June 19 before moving above $52 billion in July.

The upward trend continued in August, with reserves increasing from $51.94 billion on August 3 to $52.66 billion by August 19, representing a gain of about $715 million.

The stronger reserve position comes alongside efforts by the CBN to improve foreign exchange liquidity and strengthen confidence in the naira.

Analysts said the accumulation provides Nigeria with a stronger external cushion, although sustaining the gains will depend on factors including oil earnings, capital inflows and the broader performance of the foreign exchange market.

The development is expected to support Nigeria’s ability to meet external obligations and provide greater stability as policymakers continue efforts to strengthen the country’s macroeconomic position.