External Reserves Top $50bn After $1bn Gain in June
Nigeria’s external reserves climbed by over $1 billion in the first half of June 2026, strengthening the country’s foreign exchange buffers, according to Central Bank of Nigeria (CBN) data.
Gross reserves rose from $49.80bn on June 1 to $50.81bn by June 15, marking a gain of about $1.01bn in two weeks.
The increase extends May’s strong performance, when reserves expanded by $1.22bn, reflecting sustained FX inflows and improved liquidity.
CBN data showed a steady upward trend, with reserves crossing the $50bn mark on June 5 and continuing to rise daily until mid-June.
Compared with earlier months, reserves grew by $2.24bn between May 15 and June 15, and by $2.06bn between April 15 and June 15, highlighting consistent accumulation.
CBN Governor Olayemi Cardoso said in May: “This strong buffer continues to reinforce investor confidence in the Nigerian economy and support exchange rate stability.”
The build-up coincides with improved FX market conditions, where the naira closed May 2026 at ₦1,372/$, stronger than ₦1,585/$ in May 2025.
Nigeria’s reserves have gained more than $11bn over the past year, supported by FX reforms under President Bola Ahmed Tinubu’s administration, aimed at stabilising the naira and attracting foreign capital.