Latest data showed that gross external reserves stood at $50.12 billion as of June 5, 2026, compared with $38.28 billion recorded on June 5, 2025, representing a year-on-year increase of 30.9 per cent.

The latest figure represents an addition of approximately $11.84 billion to the nation’s reserve stock within 12 months and marks the first time reserves have crossed the $50 billion threshold since January 26, 2009, when they stood at $50.58 billion.

The development places Nigeria’s reserves at their strongest level in over 17 years, reflecting a remarkable recovery from the levels recorded in recent years and strengthening the country’s foreign currency buffers.

Historical data show that although reserves remain below the all-time high of $64.85 billion recorded on August 8, 2008, the latest position is the strongest since the aftermath of the global financial crisis. At the current level, reserves are approximately $14.73 billion below that record peak but substantially higher than levels recorded over much of the past decade.

The reserve build-up has been particularly pronounced over the past year. From $38.28 billion on June 5, 2025, reserves climbed steadily to reach $50.12 billion by June 5, 2026, reflecting one of the strongest annual increases in recent years.

Over the past 12 months, Nigeria’s external reserves have followed a largely upward trajectory, rising from $37.21 billion on June 30, 2025 to $50.12 billion on June 5, 2026.

Reserves closed July 2025 at $39.36 billion, increased to $41.31 billion in August, and rose further to $42.35 billion by September.

The upward trend continued through the final quarter of 2025, reaching $43.20 billion in October, $44.67 billion in November and $45.50 billion by December 31, 2025.

The build-up accelerated in 2026, with reserves climbing to $46.28 billion at the end of January and surging to $49.69 billion by February 27.

Although reserves eased slightly to $49.24 billion at the end of March and $48.36 billion at the end of April, the decline proved temporary as holdings rebounded to $49.58 billion by May 29 before reaching a new multi-year high of $50.12 billion on June 5, 2026.

Within the 12-month period under review, the lowest reserves level was $37.18 billion on July 3, 2025, while the highest was the current $50.12 billion, representing an increase of about $12.94 billion between the low and high points.

Figures from the apex bank’s Movement in Foreign Reserves show that the current level is the highest recorded since March 2018.

The increase follows a strong performance in 2025, when the country’s foreign reserves climbed to an estimated $45.01 billion, supported by a $5.8 billion balance of payments surplus.

In its Macroeconomic Outlook for Nigeria, 2026, titled Consolidating Macroeconomic Stability Amid Global Uncertainty, the CBN projects that Nigeria’s external reserves could rise further to $51.04 billion by the end of 2026.

The expected growth is attributed to easing pressure in the foreign exchange market following the unification of the naira exchange rate, stronger oil earnings, higher diaspora remittances, sovereign bond issuance, and the expansion of the Dangote Refinery.

Increased local refining capacity has reduced the importation of refined petroleum products such as Premium Motor Spirit (PMS), gasoline, diesel, kerosene and liquefied petroleum gas (LPG).

“The external reserves are projected at US$51.04 billion in 2026, compared with US$45.01 billion in 2025,” the report stated. “This outlook is based on reduced pressure in the FX market, driven by higher oil earnings, sovereign bond issuance and increased diaspora remittance inflows.

“Additionally, the Dangote Refinery’s expansion of its nameplate capacity to 700,000 barrels per day from 650,000 barrels per day in 2025, and eventually to 1.4 million barrels per day in the medium term, is expected to further support the growth of external reserves.”

Speaking before a Nigerian Senate panel on December 4, 2025, Olayemi Cardoso, CBN Governor said the rise in external reserves reflects growing investor confidence in the economy and improved stability in the foreign exchange market.

Olayemi Cardoso, CBN governor, stated after the Monetary Policy Committee (MPC) meeting on Tuesday, that recent monetary measures are beginning to yield results.

He noted that the rise in the reserves reflects growing investor confidence, which has also contributed to the naira’s relative stability, currently trading between N1,590/$1 and N1,610/$1 this year.

According to data from the CBN, Nigeria’s external reserve began the year on a positive trajectory, exceeding $40 billion in January 2025. The highest point was recorded on January 20, when the reserves reached $40.15 billion.

However, by February, the reserves began to decline. As of February 18, it had fallen to $38.82 billion, losing over $1.3 billion within one month.

The loss continued in March, falling to $38.35 by March 7. It stood at $38.57 by March  20 and fell further down to $38.31 billion by March 28, pointing to a loss of $260 million in less than two weeks.

This decline was largely driven by falling global oil prices, external debts, and increased demand for foreign exchange.

Throughout April, the reserve remained below $38 billion. It grew slightly to $38.08 billion by April 10, before dipping again to $37.79 billion on April 25.

Recent data from the CBN, however, revealed that the external reserve began its rebound on May 9, rising to $38.12 billion, and then to $38.21 billion by May 12. By May 16, it stood at $38.38 billion May 16, representing a $260 million increase in just one week.

As of March 7, 2024, the external reserves stood at $34,110,027,381, compared to the previous month’s figure of $33,116,051,881 recorded on February 8, 2024.

Analysis of the data indicates that the reserves had been relatively hovering around $32 to $33 billion over the past eight months, with the current March 7 record marking the highest point since June 30, 2023, when the reserves reached $34,119,447,986.

CBN had last week reported a surge in overseas remittances, reaching $1.3 billion in February, a substantial increase from the previous month’s $300 million.

Mrs. Hakama Sidi Ali, the acting director of Corporate Communications Department, CBN, had stated that foreign investors acquired over $1 billion worth of Nigerian assets in the same month adding, “Total portfolio flows for the year amounted to approximately $2.3 billion, compared to the $3.9 billion recorded in 2023.”

Ali had emphasised the heightened foreign exchange inflow in February, driven by increased remittance payments from Nigerians abroad and foreign portfolio investors’ interest in naira assets.

She noted that the trend continued into March, propelled by rising investor interest in short-term sovereign debt following adjustments to benchmark interest rates.

Ali highlighted oversubscribed government securities issuances, with foreign investors contributing over 75 per cent of bids received at auctions conducted on March 1 and 6, 2024.

CBN Governor Mr. Olayemi Cardoso outlined a comprehensive strategy during last month’s Monetary Policy Committee meeting and a conference call with foreign portfolio investors, aiming to curb inflation, stabilize the exchange rate, and boost confidence in the banking system and the overall economy. Cardoso expressed satisfaction with the initial results, stating, “Our objective today is to ensure that the market has supply, that the market functions, and that investors can come in and go out.” (ThisDay).

According to CBN’s data on movement in reserves, the figures which stood at $33.396bn as of October 31, 2023 fell to $33.004bn as of December 7, 2023.

The CBN had earlier revealed that the reserves which commenced January 3, 2023, at $37.07bn fell to $33.237bn as of September 29, 2023.

Speaking recently at the Chartered Institute of Bankers of Nigeria’s 58th Annual Bankers’ Dinner and Grand Finale of the Institute’s 60th anniversary in Lagos, Olayemi Cardoso, the Governor, CBN, said, in recent years, the continuous decline in Nigeria’s crude oil production had further weakened the already inadequate economic diversification.

He said, “This has led to a decline in government revenue and foreign exchange inflows, while simultaneously witnessing a growth in public expenditures and a deterioration in macroeconomic indicators, which has constrained our policy options. Consequently, we have seen the fiscal deficit and public debt increase, placing additional strain on external reserves and contributing to exchange rate instability.”

A thorough assessment of the economy revealed significant challenges, including high and rising inflation, inadequate foreign exchange supply, depreciation of the exchange rate, limited external reserves, weakened output, and high unemployment, he said.

These challenges, he added, had led to increased interest rates, discouraging investments in productive activities.

Within the banking system, he said, high inflation had affected asset quality and solvency ratios.

Additionally, the persistent depreciation of the naira poses a significant risk for domestic banks with foreign exchange exposures, Cardoso said.

However, he added, “The removal of petrol subsidy and the adoption of a floating exchange rate, among other government policies, are anticipated to have positive effects on the economy in the medium-term.

“These measures are expected to enhance investor confidence, attract capital inflows, stimulate domestic investment, and ultimately improve the level of external reserves.”

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