Naira Rebound Gains Steam as Foreign Reserves Hit $54bn, Highest in 18 Years

In what marks a defining milestone for Nigeria's macroeconomic stabilization drive, the nation’s external foreign reserves have surged to $54.08 billion, reaching their highest level in nearly 18 years. Official figures released by the Central Bank of Nigeria (CBN) confirm that the reserve stock surpassed the landmark figure on September 3, after climbing steadily from $53.90 billion on September 1 and $53.99 billion on September 2.

The latest benchmark represents the strongest foreign asset position recorded by Africa's most populous nation since December 22, 2008, when gross reserves stood at approximately $54.21 billion. The rapid buildup reflects an aggressive accretion pattern over recent weeks, with reserves jumping by approximately $1.42 billion in less than three weeks from the $52.66 billion recorded on August 19.

On a year-to-date basis, the apex bank's balance sheet reveals a net expansion of about $8.52 billion—a sharp 18.7 per cent surge from the $45.56 billion recorded on January 2. Remarkably, this robust war chest places Nigeria’s external liquidity buffer roughly $3.04 billion above the CBN’s own medium-term target of $51.04 billion, initially projected for attainment by the end of 2026.