Nigeria’s gross external reserves have climbed to an 18-year high of $54.08 billion as of September 3, 2026, according to the latest figures released by the Central Bank of Nigeria (CBN).
Latest analysis of the data shows that the reserves have maintained an upward trend in recent weeks driven by a combination of increased capital inflows, higher oil earnings occasioned by the ongoing Middle East conflict, and improved oil production.
For instance, the external reserves, which stood at $51.94 billion as of August 3, reached $53.81 billion on August 31 before climbing past $54 billion on September 3.
Given that the reserves stood at $45.57 billion at the beginning of the year, it means that they rose by $8.51 billion between then and Thursday.
It also means that the CBN has now significantly surpassed its projected reserve level of approximately $51.04 billion for the whole of 2026.
Analysts note that while geopolitical tensions have helped to drive up the price of crude oil, the country’s key source of forex earnings, the series of reforms introduced by the fiscal and monetary authorities in the last three years have also played a critical role in boosting the external reserves, thereby ensuring sustained naira stability.
Indeed, in a statement issued on Sunday, the CBN announced that the country recorded $947 million in remittance inflows through International Money Transfer Operators (IMTOs) in July 2026, the highest monthly inflow ever recorded through formal channels.
The statement said that IMTO inflows reached $3.8 billion in the first seven months of 2026 — 50.2% higher than the same period in 2025, pointing to a significant strengthening in flows through formal channels.
It noted that the sharp increase in remittance inflows through IMTOs also meant that the CBN was approaching the $1 billion monthly target for such inflows set by its Governor, Olayemi Cardoso about two years ago.
As the statement put it: “The increase follows a series of reforms by the CBN aimed at making formal remittance channels more competitive, transparent and accessible. These include a move to a more market-determined exchange rate, reforms to the regulatory framework for IMTOs, and the introduction of the Non-Resident Bank Verification Number (NRBVN), alongside closer engagement with IMTOs, banks, and Nigerian diaspora communities. More recently, the CBN has strengthened requirements for remittance transactions to be routed through designated settlement accounts with authorised dealer banks.
“The significance extends beyond the headline figure. Increasing diaspora flows through formal channels boosts foreign-exchange liquidity and transparency, supports households and investment, and strengthens Nigeria’s external financing position.”
