Nigeria’s external reserves climbed to $51.04 billion on June 18, 2026, marking their highest level in about 17 years as stronger foreign exchange inflows and improved market conditions continued to support the country’s reserve position.
Checks on Central Bank of Nigeria (CBN) data showed that gross external reserves stood at $51,035,544,733.65, the highest level since January 20, 2009, when reserves reached about $51.07 billion.
The latest milestone reinforces the steady recovery in Nigeria’s external reserves, with reserves gaining momentum throughout June after recording significant growth in May.
According to CBN data, Nigeria’s external reserves maintained a consistent upward trajectory during the month. The reserves started June at $49.80 billion and crossed the $50 billion mark by June 5, reaching $50.12 billion.
By June 15, reserves had increased further to $50.81 billion before climbing to $51.04 billion three days later. The sustained increase reflects stronger foreign exchange inflows and improved liquidity conditions in the country’s external sector.
Nigeria’s external reserves gained more than $1 billion during the first half of June, extending the positive momentum recorded in previous months. Reserves increased by about 2.5 per cent between June 1 and June 18, rising from $49.80 billion to $51.04 billion.
The improvement follows an increase of approximately $1.22 billion recorded during May 2026.
The strengthening reserve position comes amid ongoing foreign exchange market reforms and improved external inflows into the economy.
CBN Governor Olayemi Cardoso had said in May, “This strong buffer continues to reinforce investor confidence in the Nigerian economy and support exchange rate stability.”
Analysts believe the higher reserve level could enhance the CBN’s capacity to support exchange rate stability and meet external obligations.
The Centre for the Promotion of Private Enterprise (CPPE) and its Chief Executive Officer, Dr. Muda Yusuf, commended the development.
He said, “That shows we are making progress. It shows that the reforms are yielding results.”
Yusuf added that it is important for the country to diversify the sources of its reserves.
“This is important so that it is not too concentrated in terms of the sources. It has to be properly diversified through non-oil exports, oil exports, foreign direct investment and other sources. That will ensure more resilience,” he said.
The CBN had projected a stronger reserve position for 2026, supported by improvements in the country’s external sector. The apex bank forecast that Nigeria’s external reserves would rise to about $51.04 billion during the year, driven by stronger oil earnings, foreign exchange market reforms and improved external capital inflows.
The latest reserve position indicates that the CBN’s projection has already been achieved, underscoring the impact of ongoing reforms aimed at strengthening Nigeria’s external buffers.
The continued build-up in external reserves provides additional support for macroeconomic stability and could improve investor confidence as the country pursues broader economic and fiscal reforms.
