Nigeria’s foreign exchange reserves have climbed to $50.11 billion, marking the highest level recorded in 17 years and signaling a significant improvement in the country’s external financial position.
Latest data released by the Central Bank of Nigeria (CBN) showed that the reserves stood at $50.11 billion as of June 5, 2026, surpassing the $50 billion threshold first achieved on March 10 when reserves reached $50.01 billion.
The current figure represents the highest reserve level since January 26, 2009, when the country’s external reserves stood at $50.58 billion.
A comparison with the corresponding period last year shows substantial growth. On June 5, 2025, Nigeria’s reserves were recorded at $38.28 billion, indicating an increase of $11.84 billion over the past 12 months. The rise translates to a year-on-year growth of approximately 30.9 percent.
The reserves recorded steady gains throughout the second half of 2025. From $38.28 billion in June, the figure increased to $39.36 billion by the end of July, $41.31 billion in August and $42.35 billion in September.
The upward trend continued in the final quarter of the year, with reserves reaching $43.20 billion in October, $44.67 billion in November and closing the year at $45.50 billion on December 31, 2025.
The positive momentum extended into 2026. External reserves rose to $46.28 billion at the end of January before surging to $49.69 billion by February 27.
Although reserves experienced slight declines in March and April, falling to $49.24 billion and $48.36 billion respectively, the position rebounded strongly in May and early June.
CBN data showed that reserves increased from $48.98 billion on May 22 to $49.26 billion on May 25, before rising further to $49.34 billion on May 26, $49.58 billion on May 29 and $49.80 billion on June 1. The reserves subsequently climbed to $49.88 billion on June 2, $49.96 billion on June 3, $50.04 billion on June 4 and finally $50.11 billion on June 5.
The latest figures come months after CBN Governor, Olayemi Cardoso, stated in February that Nigeria’s reserves had reached $50.45 billion. However, official reserve data released by the apex bank showed lower figures during the period.
Analysts attribute the improvement in reserves to ongoing reforms in the foreign exchange market, increased crude oil production, stronger diaspora remittances and sustained efforts by monetary authorities to attract foreign investments and strengthen external liquidity.
As part of measures to enhance efficiency and transparency in the foreign exchange market, the CBN on June 2 unveiled the fourth edition of its Foreign Exchange Manual.
The 2026 edition of the manual, issued by the bank’s Trade and Exchange Department, provides updated guidelines on documentation requirements, transaction procedures and compliance standards for foreign exchange operations in Nigeria.
Economic observers say the growing reserve position could help support exchange rate stability, boost investor confidence and strengthen the country’s capacity to meet external obligations.