Nigeria’s Foreign Reserves Rise Above $50.8bn, Gain Over $1bn in First Half of June

Nigeria’s foreign reserves rose by more than $1 billion in the first half of June 2026, extending a steady upward trend that has strengthened the country’s external position and provided additional support for the foreign exchange market.

Data published by the Central Bank of Nigeria (CBN) shows that the nation’s external reserves increased from $49.80 billion on June 1 to $50.81 billion as of June 15, representing a gain of approximately $1.01 billion within two weeks.

The latest increase follows a strong performance in May, when reserves expanded by about $1.22 billion, reflecting sustained foreign exchange inflows and improved external liquidity. The figures indicate that Nigeria’s reserve position has continued to improve despite economic headwinds and volatility in global financial markets, reinforcing confidence in the country’s capacity to meet external obligations and support currency stability.

CBN data shows a consistent rise in reserve levels throughout the first half of June.

External reserves stood at $49.80 billion on June 1 before rising to $49.88 billion on June 2 and $49.96 billion on June 3. The upward trajectory continued with reserves reaching $50.04 billion on June 4 and $50.12 billion on June 5.

By June 8, reserves had increased further to $50.27 billion, followed by $50.35 billion on June 9 and $50.43 billion on June 10.

The reserves climbed to $50.51 billion on June 11 before reaching $50.81 billion on June 15.

Overall, Nigeria’s external reserves grew by about 2 per cent within the first 15 days of June, making it one of the strongest short-term increases recorded so far in 2026. The growth becomes more pronounced when compared with reserve levels recorded in previous months.

On May 15, 2026, Nigeria’s reserves stood at $48.58 billion. By June 15, the figure had risen to $50.81 billion, representing an increase of approximately $2.24 billion within one month.

Similarly, reserves stood at $48.68 billion on April 15. This means the country has added about $2.13 billion over a two-month period.

The reserve stock also crossed the $50 billion mark during the first week of June, a milestone that reflects the continued strengthening of Nigeria’s external liquidity position. The improvement in reserves comes amid broader reforms in Nigeria’s foreign exchange market aimed at improving transparency, attracting capital inflows and boosting investor confidence.

CBN Governor Olayemi Cardoso had noted in May that maintaining a strong reserve position remains critical to supporting exchange rate stability and reassuring both local and foreign investors.

A healthy reserve level provides the central bank with greater flexibility in managing external shocks, supporting international trade transactions and meeting the country’s financial commitments.

Analysts say the sustained rise in reserves is a positive indicator for the Nigerian economy, particularly as the country seeks to consolidate gains from ongoing economic and monetary reforms. Although reserves declined from above $50.08 billion in March before falling to around $49.61 billion later that month, they have since recovered strongly and moved to their current level above $50.8 billion.

The improvement has coincided with increased stability in the foreign exchange market. At the official market, the naira closed May 2026 at approximately ₦1,372 to the United States dollar, compared with ₦1,585.50 to the dollar during the same period in 2025.

The stronger reserve position has been linked to reforms implemented by the Federal Government and the Central Bank of Nigeria, which have focused on improving liquidity in the foreign exchange market and restoring investor confidence. Over the past year, Nigeria’s external reserves have increased by more than $11 billion, significantly strengthening the country’s financial buffers.

The growth enhances Nigeria’s ability to support its currency, finance imports, service external obligations and withstand potential global economic shocks.

With reserves now standing at $50.81 billion, the country enters the second half of the year with one of its strongest external reserve positions in recent years, a development that policymakers hope will support broader economic stability and investor confidence.