Nigeria's external reserves have risen to $50.11 billion, reaching their highest level in more than 17 years as the country continues to record improvements in its foreign exchange position.
Figures obtained from the Central Bank of Nigeria (CBN) showed that the reserves stood at $50.11 billion as of June 5, 2026, the highest level since January 2009 when the country's external reserve stock peaked at $50.58 billion.
The latest figure represents a significant increase from the $38.28 billion recorded on June 5, 2025, reflecting a year-on-year growth of about 30.9 per cent and an addition of approximately $11.84 billion within one year.
The development comes amid ongoing efforts by monetary authorities to strengthen the foreign exchange market, improve external liquidity and enhance investor confidence in the Nigerian economy.
A review of the reserves trend showed steady growth throughout the second half of 2025. The reserve position rose from $39.36 billion in July to $41.31 billion in August and $42.35 billion in September before climbing further to $43.20 billion in October and $44.67 billion in November. It eventually closed the year at $45.50 billion.
The upward movement continued in 2026, with reserves reaching $46.28 billion at the end of January and rising sharply to $49.69 billion by February 27.
Although the reserves recorded marginal declines in March and April, falling to $49.24 billion and $48.36 billion respectively, they regained momentum in May and crossed the $50 billion mark in early June.
Daily data from the apex bank indicated a consistent rise in reserves in the final weeks leading to the milestone. The figure moved from $48.98 billion on May 22 to $49.26 billion on May 25, before increasing steadily to $49.34 billion, $49.58 billion, $49.80 billion and eventually $50.11 billion by June 5.
The reserve growth has been linked to a combination of factors, including improved oil earnings, stronger diaspora remittances, increased foreign capital inflows and reforms introduced in the foreign exchange market.
The milestone comes as the CBN intensifies efforts to improve transparency and efficiency in the management of foreign exchange transactions.
Earlier this month, the bank released the fourth edition of its Foreign Exchange Manual, which outlines updated procedures, documentation requirements and compliance measures for participants in the foreign exchange market.
The manual is expected to support ongoing reforms aimed at strengthening market operations, protecting the country's external reserves and improving regulatory compliance.
Economists say the improved reserve position provides a stronger buffer against external shocks and could support efforts to maintain stability in the foreign exchange market while enhancing Nigeria's ability to meet international financial obligations.
Leave a Reply