Nigeria’s foreign exchange reserves have climbed to an impressive $50.11 billion, marking the highest level recorded in 17 years and signaling growing strength in the country’s external financial position. Data released by the Central Bank of Nigeria (CBN) showed that reserves reached the milestone on June 5, 2026, surpassing the $50 billion threshold first crossed in March. The latest figure is the highest since January 2009, when reserves stood at $50.58 billion.
The development represents a significant improvement from the $38.28 billion recorded during the same period last year, translating to a year-on-year increase of nearly 31 percent. Within just 12 months, Nigeria added approximately $11.84 billion to its reserve stock, reinforcing its ability to withstand external economic shocks while supporting ongoing efforts to stabilize the foreign exchange market.
A closer look at the data reveals a steady and sustained build-up in reserves throughout the second half of 2025. External reserves rose from $39.36 billion in July to $45.50 billion by the end of December, reflecting stronger foreign exchange inflows and improved confidence in economic reforms. The positive trend continued into 2026, with reserves climbing to $49.69 billion in February before briefly moderating in March and April.
In recent weeks, however, the reserves position has regained momentum. Figures from the CBN show a consistent upward movement from $48.98 billion on May 22 to $50.11 billion by June 5. The achievement comes despite earlier claims by CBN Governor Olayemi Cardoso in February that reserves had already reached $50.45 billion, a figure not reflected in the central bank’s official data at the time.
Analysts attribute the reserve growth to a combination of foreign exchange market reforms, improved crude oil production, stronger diaspora remittances, and increased efforts by monetary authorities to attract foreign capital. The latest milestone also coincides with the release of the fourth edition of the CBN’s Foreign Exchange Manual, a policy document designed to improve transparency, strengthen compliance, protect external reserves, and enhance efficiency within Nigeria’s foreign exchange market.
source: The cable