Prime Business Africa
Nigeria’s foreign reserves have increased by $7.26 billion, or 15.94 percent in the last eight months, according to data obtained from the Central Bank of Nigeria (CBN).
Prime Business Africa gathered that the foreign reserves stood at $45.56 billion as of January 2, however, by August 21, the reserves stood at $52.83 billion, representing a 15.94 percent increase.
Join our WhatsApp ChannelThe $52.83 billion foreign reserves, the highest in 17 years, surpassed the 2026 projection of the central bank by $1.79 billion.
CBN projected in its macroeconomic outlook report for Nigeria in December 2025 that Nigeria’s external reserves would rise to $51.04 billion in 2026, adding that the increase will be supported by the foreign exchange (FX) reforms.
“Reforms in the foreign exchange market are expected to sustain exchange rate stability, while external reserves are projected to increase to US$51.04 billion,” the apex bank said.
On July 22, 2026, Olayemi Cardoso, governor of the CBN, said the increase in the country’s external reserves, which stood at $52.52 billion six days before, was due to higher inflows from crude oil-related taxes and third-party receipts.
“Gross external reserves rose to US$52.52 billion as of July 17, 2026, from US$50.47 billion as at end-May 2026, mainly as a result of receipts from crude oil-related taxes and third-party inflows,” Cardoso said.
Cardoso said the reserve level is sufficient to finance 11 months of imports of goods and services, above the international benchmark.
“This is sufficient to finance approximately 11 months of imports of goods and services, surpassing the international benchmark of three months’ cover,” the CBN governor said.
“The improvement in the reserve position underscores the resilience of the external sector and provides a stronger buffer against external shocks.”
However, Fitch Ratings projected in April that the foreign reserves would drop to $47 billion before the end of 2026, due to rising fiscal pressures and external risks.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
