Nigeria’s External Reserves hit 17-year high of $51.04bn

Nigeria’s external reserves have risen to $51.04 billion, their highest level in about 17 years, reflecting stronger foreign exchange inflows, improved liquidity conditions and the impact of ongoing economic reforms.

Data obtained from the Central Bank of Nigeria (CBN) showed that the country’s gross external reserves stood at $51.04 billion as of June 18, 2026, representing the strongest reserve position since January 2009, when reserves reached approximately $51.07 billion.

The latest figure underscores the steady strengthening of Nigeria’s external buffers, with reserves maintaining an upward trajectory throughout June following significant gains recorded in May.

According to CBN data, external reserves opened the month at $49.80 billion before crossing the $50 billion threshold on June 5, when they rose to $50.12 billion. The reserves continued to climb, reaching $50.81 billion by June 15 and $51.04 billion three days later.

The increase represents a gain of more than $1.2 billion within the first half of June and a growth of about 2.5 per cent between June 1 and June 18.

Analysts attribute the improvement to stronger foreign exchange inflows, enhanced liquidity in the external sector and the positive effects of reforms introduced in the foreign exchange market.

According to Nairametrics, the reserve build-up follows an increase of approximately $1.22 billion recorded in May 2026, extending a period of sustained growth in the country’s external assets.

CBN Governor, Olayemi Cardoso, had earlier expressed confidence in the country’s reserve position, describing it as a key factor supporting investor confidence and exchange rate stability.

“This strong buffer continues to reinforce investor confidence in the Nigerian economy and support exchange rate stability,” Cardoso said.

Commenting on the development, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, described the achievement as evidence that ongoing economic reforms are beginning to yield positive results.

According to him, the growth in reserves signals progress but also highlights the need for a more diversified source of foreign exchange earnings.

Yusuf stressed that Nigeria should avoid excessive dependence on portfolio investments by expanding earnings from oil exports, non-oil exports and foreign direct investment to ensure greater resilience in the economy.