Nigeria’s External Reserves Hit 17-Year High of $50.11 Billion

ABUJA, Nigeria — Nigeria’s external reserves rose to $50.11 billion as of June 5, 2026, marking the highest level recorded in 17 years, according to data released by the Central Bank of Nigeria (CBN).

The latest figure surpasses the $50 billion threshold first crossed on March 10, when reserves stood at $50.01 billion. It also represents the strongest reserve position since January 26, 2009, when the country’s external reserves reached $50.58 billion.

Data from the apex bank showed that Nigeria’s reserves increased significantly from the $38.28 billion recorded on June 5, 2025, reflecting a year-on-year growth of approximately 30.9 percent. The increase translates to an additional $11.84 billion added to the nation’s reserve stock within one year.

The development strengthens Nigeria’s external buffers amid ongoing efforts by monetary authorities to stabilize the foreign exchange market, attract foreign investment, and improve macroeconomic stability.

Reserve Growth Accelerates Amid Reforms

The reserve build-up gathered momentum throughout 2025 and into 2026.

From $38.28 billion in June 2025, reserves climbed to $39.36 billion by the end of July, rising further to $41.31 billion in August and $42.35 billion in September. The upward trend continued in the final quarter of the year, reaching $43.20 billion in October, $44.67 billion in November, and closing 2025 at $45.50 billion.

In 2026, reserves increased to $46.28 billion at the end of January before surging to $49.69 billion by February 27. Although the figure dipped slightly to $49.24 billion at the end of March and $48.36 billion in April, reserves rebounded strongly in May.

CBN data showed a steady increase in recent weeks, rising from $48.98 billion on May 22 to $49.26 billion on May 25, $49.34 billion on May 26, $49.58 billion on May 29, and $49.80 billion on June 1. The reserves continued to climb to $49.88 billion on June 2, $49.96 billion on June 3, $50.04 billion on June 4, before reaching $50.11 billion on June 5.

The latest data comes months after CBN Governor Olayemi Cardoso stated on February 24 that Nigeria’s foreign exchange reserves stood at $50.45 billion. However, official figures published by the apex bank showed lower reserve levels during that period.

Analysts attribute the improvement in reserves to ongoing foreign exchange reforms, increased crude oil production, stronger diaspora remittance inflows, and efforts by the CBN to attract foreign capital and improve external liquidity.

The reserve growth also coincides with recent policy measures aimed at enhancing transparency in the foreign exchange market. On June 2, the CBN released the fourth edition of its Foreign Exchange Manual, outlining updated procedures, documentation requirements, and compliance guidelines for foreign exchange transactions in Nigeria.

The apex bank said the 2026 manual is designed to strengthen compliance, improve operational efficiency, safeguard external reserves, and promote greater transparency across the country’s foreign exchange market.

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A Lagos-based journalist with a passion for disseminating factual information and a deep appreciation for good music, good food, movies, and beautiful cars. He hopes to travel the world someday, documenting its beauty and diverse cultures through his storytelling.