Nigeria External Reserves Hit $49.26bn as Naira Gains Stability Near $50bn Milestone
Nigeria’s external reserves have climbed to $49.26 billion, marking a four-month high and edging closer to the symbolic $50 billion threshold. The increase reflects steady foreign currency inflows, improved market confidence, and ongoing economic reforms aimed at stabilising the country’s foreign exchange environment.
According to recent data, the reserves rose by about $900 million in May 2026 from $48.36 billion recorded in April, representing a 1.86 per cent monthly increase. This growth comes alongside a mild appreciation of the naira, which strengthened to N1,373.25/$1 at the end of May compared to N1,376/$1 in April.
Economic analysts say the improvement highlights growing resilience in Nigeria’s external sector. The reserves serve as a critical buffer that helps the country manage external obligations, defend the naira, and maintain investor confidence amid global financial uncertainties.
Experts attribute the rise to stronger oil earnings, improved non-oil inflows, better remittance channels, and increased foreign portfolio investment. Despite fluctuations in global crude oil prices, Nigeria’s foreign exchange market has shown relatively stable balance between supply and demand in recent weeks.
Looking ahead, attention is now on whether Nigeria can cross the $50 billion mark in the coming weeks. Analysts note that sustained oil production, continued reforms, and steady capital inflows will be key to maintaining this upward trajectory and strengthening overall economic stability.
source: The Sun