Nigeria’s gross external reserves climbed to $51.04 billion on June 18, 2026, the highest level since January 20, 2009, Central Bank of Nigeria (CBN) data show. The figure — $51,035,544,733.65 — marks a key milestone in a sustained recovery in the country’s external buffers.
Reserves began June at $49.80 billion and crossed the $50 billion threshold on June 5, when they reached $50.12 billion. By June 15 reserves had risen to $50.81 billion before hitting $51.04 billion three days later. Overall, reserves gained about 2.5% between June 1 and June 18, and follow a roughly $1.22 billion increase recorded in May.
Analysts and policymakers attribute the build-up to stronger foreign exchange inflows, improved liquidity in the external sector and ongoing CBN-led foreign exchange market reforms. In May, CBN Governor Olayemi Cardoso said the stronger buffer “continues to reinforce investor confidence in the Nigerian economy and support exchange rate stability.”
Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE), welcomed the development, saying it indicated that President Bola Tinubu’s reforms are yielding results. He cautioned, however, that reserves should be diversified across sources — including non-oil exports, oil receipts and foreign direct investment — to enhance resilience beyond portfolio flows.
The CBN had projected a stronger reserve position for 2026, forecasting reserves around $51.04 billion on the back of higher oil earnings, FX-market reforms and improved capital inflows. Achieving that projection this month underlines the early impact of those policies.
Higher reserves should bolster the CBN’s capacity to support exchange-rate stability and meet external obligations, analysts said, while also potentially improving investor confidence as Nigeria pursues broader economic and fiscal reforms.
