Nigeria’s foreign exchange reserves have recorded a significant increase, reaching $52.52 billion as of July 17, 2026, according to the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso. The latest figure marks a rise from $50.47 billion recorded at the end of May, reflecting renewed strength in the country’s external sector and providing a positive signal for investors and market observers.
Speaking during a media briefing after the Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, Cardoso attributed the growth largely to increased inflows from crude oil-related taxes and third-party receipts. The CBN governor noted that the improved reserve position demonstrates the benefits of stronger revenue generation from the oil sector, which remains a major source of foreign exchange earnings for Nigeria.
Cardoso explained that the current reserve level is enough to finance approximately 11 months of imports of goods and services, far exceeding the international benchmark of three months. According to him, the robust reserve position strengthens Nigeria’s ability to withstand global economic uncertainties and external financial shocks, while also supporting confidence in the country’s monetary and exchange rate policies.
However, data published on the CBN’s website suggests that the reserves have continued to rise even beyond the figures announced by the governor. The records show that Nigeria’s foreign reserves stood at $51.94 billion on July 17 and increased further to $52.02 billion by July 20, indicating a steady upward trend in the nation’s external assets throughout the month.
The development comes amid ongoing reforms in Nigeria’s foreign exchange market. Earlier this month, the apex bank introduced new operational guidelines for Bureau de Change (BDC) operators seeking access to foreign exchange through authorised dealer banks. The framework, which took immediate effect, is expected to improve transparency, strengthen compliance standards, and enhance the efficiency of foreign exchange transactions, further supporting stability in the country’s financial system.
source: The cable
