Nigeria’s external reserves have risen to $54.08 billion, reaching their highest level in nearly 18 years and moving further above the Central Bank of Nigeria’s (CBN) projection for the year.
Latest CBN data showed that the reserves last stood around the $54 billion mark on December 22, 2008, when they reached $54.21 billion.
The latest figure represents an increase of about $1.42 billion from the $52.66 billion recorded on August 19. 
Since the beginning of the year, the reserves have gained approximately $8.52 billion, rising from $45.56 billion on January 2. This represents an increase of about 18.7 per cent in just over eight months.
The reserves crossed the $53 billion threshold on August 24, reaching $53.11 billion, and continued their upward trajectory to $53.30 billion on August 26.
The figure rose further to $53.51 billion on August 28 and $53.81 billion on August 31.
In September, the reserves increased from $53.90 billion on September 1 to $53.99 billion on September 2, before reaching the latest $54.08 billion on September 3.
The current reserve position is about $3.04 billion above the CBN’s projected $51.04 billion target for external reserves by the end of 2026.
CBN Governor, Olayemi Cardoso, had attributed the sustained increase to stronger foreign-exchange inflows, including receipts from crude-oil-related taxes and third-party inflows.
The rise in the reserves has also coincided with improved conditions in the foreign exchange market.
The naira appreciated to N1,315/$ at the official market on Thursday, its strongest level in about two years, amid increased foreign-exchange liquidity.
