Nigeria’s Foreign Reserves Surge Past $50bn, Add $1.01bn in Two Weeks Amid FX Reforms

Nigeria’s foreign exchange reserves have crossed a major psychological milestone, rising above $50 billion after gaining more than $1.01 billion in just two weeks. The latest figures from the Central Bank of Nigeria (CBN) highlight a steady improvement in the country’s external financial position, driven by stronger inflows and ongoing economic reforms.

According to the CBN data, gross external reserves increased from $49.80 billion on June 1, 2026, to $50.81 billion by June 15. The growth reflects a consistent upward trend throughout the first half of the month, with reserves gradually climbing almost daily and finally breaking above the $50 billion mark on June 5 for the first time in months.

The rally in reserves builds on momentum recorded in May, when Nigeria added about $1.22 billion to its external buffer. Analysts say the sustained rise points to improved foreign exchange inflows, better liquidity conditions, and renewed investor confidence in Nigeria’s economic direction under ongoing reforms.

CBN Governor Olayemi Cardoso has previously linked the strengthening reserves to improved market sentiment and policy adjustments aimed at stabilising the foreign exchange market. He noted that the rising buffer continues to support exchange rate stability and strengthen confidence in the broader economy, especially among foreign investors.

Beyond the headline figures, the development signals a broader recovery in Nigeria’s external position after earlier volatility in the year. With the naira showing relative stability and reserves now exceeding $50 billion, analysts believe the country is better positioned to manage external shocks, meet international obligations, and sustain its ongoing economic reforms.

source: The sun