LAGOS – Nigeria’s gross external reserves have climbed to a historic $51.86 billion, marking their highest level in over 17 years and officially surpassing the central bank’s year-end target.
Data released by the Central Bank of Nigeria (CBN) confirms the new figure, which beats the apex bank’s macroeconomic outlook projection of $51.04 billion set for the entirety of 2026.
The rapid accumulation represents a significant 38.6% year-on-year expansion compared to the $37.33 billion recorded during the corresponding period in 2025, heavily bolstering the country’s external balance sheet.
Financial analysts attribute this accelerated growth to robust foreign portfolio inflows, sustained global crude oil prices, and deep regulatory reforms targeting formal foreign exchange channels and remittances.
The reserve surge has strengthened the naira’s standing, with the local currency maintaining relative stability at N1,379.65 per dollar at the official Nigerian Foreign Exchange Market (NFEM).
This milestone comes amid recent calls from the International Monetary Fund (IMF) advising Nigeria to moderate its aggressive dollar stockpiling to allow for a healthier, market-driven adjustment of the naira.
The enhanced liquidity buffer provides the CBN with substantial leverage to defend the local currency, boost investor confidence, and shield the domestic economy against anticipated second-half global market shocks.
