Nigeria’s Foreign Reserves Rise To $51.04bn, Highest Level In 17 Years

Nigeria’s external reserves climbed to $51.04 billion on June 18, 2026, marking the highest level in about 17 years.

The increase is supported by stronger foreign exchange inflows and improved market conditions.

Reserve milestone

Checks on Central Bank of Nigeria, CBN data showed gross external reserves at $51,035,544,733.65.

That is the highest level since January 20, 2009, when reserves reached about $51.07 billion.

The latest figure reinforces the steady recovery in Nigeria’s external buffers.

Reserves gained momentum throughout June after recording significant growth in May.

June buildup

CBN data shows reserves maintained a consistent upward trend during the month:

June 1: Reserves started at $49.80 billion

June 5: Crossed $50 billion to reach $50.12 billion

June 15: Increased to $50.81 billion

June 18: Climbed to $51.04 billion Reserves gained more than $1 billion during the first half of June.

Between June 1 and June 18, reserves rose by about 2.5%, from $49.80 billion to $51.04 billion. This extends the positive momentum recorded in previous months, including an increase of approximately $1.22 billion in May 2026.

The strengthening reserve position comes amid ongoing foreign exchange market reforms and improved external inflows into the economy.

Official comments

CBN Governor Dr. Olayemi Cardoso said in May: “This strong buffer continues to reinforce investor confidence in the Nigerian economy and support exchange rate stability.”

Analysts believe the higher reserve level could enhance the CBN’s capacity to support exchange rate stability and meet external obligations.

The Centre for the Promotion of Private Enterprise and its Chief Executive Officer, Dr. Muda Yusuf, commended the development.

He noted, “That shows we are making progress. It shows that the [President Bola Tinubu’s] reforms are yielding results.”

Yusuf added that it is important for the nation to diversify its reserves in terms of sources.

“This is important so that it is not too concentrated in terms of the sources on portfolio flow. It has to be properly diversified – non-oil exports, oil exports, FDI, etc. That will ensure more resilience,” he said.

CBN projection

The CBN had projected a stronger reserve position for 2026, supported by improvements in the country’s external sector.

In its economic projections, the apex bank forecast that Nigeria’s external reserves would rise to about $51.04 billion during 2026, anchored on stronger oil earnings, foreign exchange market reforms, and improved external capital inflows.

The latest reserve position indicates that the CBN’s projection has been achieved, underscoring the impact of ongoing reforms aimed at strengthening Nigeria’s external buffers.

The continued buildup in external reserves provides additional support for macroeconomic stability and could improve investor confidence as the country pursues broader economic and fiscal reforms.