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Nigeria’s Foreign Reserves Rise to 17-Year High of $53.11bn

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Nigeria’s external reserves have risen to $53.11 billion, reaching their highest level in more than 17 years, according to the latest data from the Central Bank of Nigeria (CBN).

The reserves increased by about $3.15 billion between June 3 and August 24, 2026, rising from $49.96 billion to $53.112 billion.

The latest figure brings Nigeria close to the reserve levels recorded in 2009, when the country last approached its current position.

 

Reserves Near 2009 Record

At $53.11 billion, Nigeria’s current reserve position is only about $142 million below the $53.25 billion recorded on January 12, 2009.

The steady accumulation gathered momentum during July and August.

CBN data showed that reserves rose from $51.53 billion on July 3 to about $52 billion on July 27. The figure subsequently increased to $52.86 billion on August 21, before crossing the $53 billion threshold.

 

Oil Earnings Boost Dollar Inflows

The rise in reserves has been linked by experts to stronger foreign-exchange inflows, including earnings from crude oil exports.

Oil remains one of Nigeria’s major sources of foreign exchange, meaning higher crude prices and improved oil production can strengthen the country’s dollar earnings.

However, analysts have cautioned that maintaining the reserve buildup will depend on the continued inflow of foreign exchange into the economy.

 

Naira Records Relative Stability

The increase in external reserves has also coincided with relative stability in Nigeria’s foreign exchange market.

According to CBN data cited in the report, the naira closed at N1,343.59 to the US dollar on August 26, while foreign-exchange market turnover stood at approximately $235.99 million, with 213 deals recorded.

A stronger reserve position provides the country with a larger external buffer and can improve confidence in the foreign-exchange market.

 

Reserves Surpass 2026 Projection

The latest reserve figure is also above the CBN’s projected reserve level of approximately $51.04 billion for the full year.

The increase represents a significant improvement from the beginning of 2026. Earlier data showed that reserves had risen by about $7.09 billion since the start of the year.

The higher reserves could strengthen Nigeria’s ability to meet external obligations and respond to periods of increased demand for foreign currency.

 

Sustainability Remains Key

Despite the positive development, maintaining the reserve buildup will remain important.

Analysts have pointed to the need for Nigeria to diversify its sources of foreign exchange through stronger oil production, increased non-oil exports, foreign investment, remittances and improved FX liquidity.

A sustained increase in reserves could provide additional support for macroeconomic stability and strengthen confidence in the naira.

For now, Nigeria’s crossing of the $53 billion reserve mark represents one of the strongest external-position improvements the country has recorded in more than a decade.

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Yobe FMC Medical Director Loses Doctor and Pharmacist Twin Daughters Two Days Apart

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Professor Hadiza Abdullahi Usman, Medical Director of the Federal Medical Centre (FMC), Nguru, Yobe State, is mourning her twin daughters, Dr Hadiyah Usman Abdullahi, a medical doctor, and Aidah Usman Abdullahi, a pharmacist. The sisters reportedly d!¢d on Friday, October 2, and Sunday, October 4, 2026, from complications linked to sickle cell disease.
Hadiyah d!¢d after about a week of treatment at FMC Nguru for a sickle cell crisis and was buried the same day after funeral prayers at the Emir’s Palace. Aidah, who had reportedly been treated at the University of Maiduguri Teaching Hospital, d!¢d two days later. FMC Nguru confirmed her death on its Facebook page, calling her the “second twin.”
Professor Usman became the fourth Medical Director of FMC Nguru in November 2022, the first woman in the role. Her loss has drawn condolences from colleagues and the wider medical community, and it highlights how deadly sickle cell disease remains in Yobe, one of Nigeria’s highest-burden states.

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NYSC Abduction: APM Faults Tinubu’s Silence, Demands Urgent Rescue Action

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The Allied Peoples Movement (APM) has expressed concern over what it described as President Bola Tinubu’s silence following the abduction of prospective National Youth Service Corps (NYSC) members in Imo State.

The party called on the President to demonstrate greater urgency in addressing the incident and ensure that security agencies intensify efforts to rescue those still being held by their abductors.

The APM, through the Makinde/Daura Presidential Campaign Organisation (MDPCO), said the failure of the President to publicly address the latest incident was troubling, particularly given the concerns of affected families.

The abduction occurred on October 1, when gunmen reportedly attacked two buses conveying prospective corps members and other passengers from Ibadan, Oyo State, to NYSC orientation camps in Abia and Akwa Ibom states.

The vehicles were intercepted around Umunoha along the Owerri-Onitsha Road in Imo State.

Following the attack, the Imo State Police Command announced that 10 victims had been rescued, while search-and-rescue operations continued to locate the remaining abductees.

The campaign organisation described the incident as another indication of the security challenges facing the country and accused the Tinubu administration of failing to take sufficiently proactive measures against kidnapping and other violent crimes.

It argued that Nigerians, particularly young graduates travelling to fulfil their national service obligations, should be able to move across the country without fear of abduction.

The group also called for a more coordinated and intelligence-driven security strategy, emphasising the need for stronger collaboration among security agencies, preventive operations and faster responses to threats.

The APM further contrasted the Federal Government’s approach with the security model it said was being implemented by its presidential candidate, Oyo State Governor Seyi Makinde.

It maintained that improved intelligence gathering, coordination and rapid response should form the foundation of efforts to tackle insecurity.

Meanwhile, the abduction has triggered anxiety among the victims’ families, with reports that the kidnappers demanded ₦50 million for each victim.

The party urged the Federal Government to treat the safe recovery of the abducted prospective corps members as an urgent national priority and provide the necessary support for ongoing rescue operations.

The allegations against the President represent the APM’s political position on the government’s handling of insecurity. Security agencies have continued their operations following the attack.

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Akwa Ibom: Navy Rescues Two Kidnap Victims, Recovers Stolen Outboard Engines

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The Nigerian Navy has rescued two kidnapped victims and recovered several stolen outboard engines during an operation against suspected sea robbers and kidnappers in Ibeno, Akwa Ibom State.

The operation was carried out on September 30 by the Maritime Quick Response Team of Nigerian Navy Ship (NNS) JUBILEE in Ibeno, following intelligence reports about criminal activities targeting fishermen in the area.

The Director of Naval Information, Navy Captain Abiodun Folorunsho, disclosed the development in a statement, explaining that the suspected criminals had been attacking fishermen, taking away their boats and stealing their outboard engines”

Suspects Flee as Navy Launches Pursuit

According to the Navy, its personnel encountered two boats believed to have been operated by the suspected criminals during the operation.

The occupants reportedly fled into nearby creeks after sighting the naval team, prompting the personnel to pursue them.

During the chase, the suspects abandoned one of their boats, which contained several stolen outboard engines and the two kidnapped victims.

The naval team subsequently rescued the victims and escorted them to safety, while the recovered engines were secured for verification and further necessary action.

Navy Intensifies Efforts to Track Suspects

The Navy said efforts were ongoing to locate and apprehend the fleeing suspects, adding that the operation reflected its commitment to protecting lives and securing legitimate maritime activities across the country’s waterways.

Folorunsho also emphasised the importance of intelligence sharing and cooperation with coastal communities in tackling maritime crimes.

He urged fishermen, residents of coastal communities and other maritime stakeholders to report suspicious activities and provide timely information that could help security agencies respond to threats.

The Navy reaffirmed its commitment to sustained patrols, search-and-rescue operations and intelligence-driven interventions to protect lives and property along Nigeria’s waterways.

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