Nigeria’s Foreign Exchange Reserves Surpass $50 Billion Mark
In the first half of June 2026, Nigeria’s foreign exchange reserves saw an impressive increase of over $1 billion, building on the significant gains recorded in May and reinforcing the nation’s foreign exchange buffer.
Data from the Central Bank of Nigeria (CBN) indicates that reserves climbed from $49.8 billion on June 1 to $50.81 billion by June 15, which translates to an approximate $1.01 billion rise in just two weeks.
This upward trend follows a robust performance in May, when Nairametrics reported a $1.22 billion increase in foreign exchange reserves, a sign of sustained foreign inflows and enhanced external liquidity.
Trends in Reserves Growth
According to CBN data, foreign exchange reserves exhibited a consistent upward trend during the initial half of June. Starting at $49.8 billion on June 1, reserves gradually ascended, reaching $49.88 billion on June 2 and $49.96 billion on June 3. The positive momentum persisted, with figures rising to $50.04 billion on June 4 and $50.12 billion on June 5, ultimately surpassing the $50 billion threshold.
By June 8, reserves had further increased to $50.27 billion, followed by $50.35 billion on June 9 and $50.43 billion on June 10. The trajectory continued with reserves hitting $50.51 billion on June 11 and culminating at $50.81 billion by June 15. This marked a notable 2.0% increase in reserve positions over the first 15 days of June, representing one of the most significant short-term improvements recorded this year.
The latest figures also reflect a marked enhancement compared to the same timeframe in April and May.
Monthly Comparison Highlights Reserve Accumulation
A review of previous months underscores the pace at which reserves have been accumulating. On May 15, 2026, external reserves stood at $48.58 billion, signifying an increase of approximately $2.24 billion within a month. Similarly, reserves on April 15, 2026, were at $48.68 billion, which denotes a rise of around $2.06 billion over two months. CBN reserves surpassed the critical $50 billion mark in early June and have since continued on an upward path.
This consistent growth comes after a total increase of about $1.22 billion was recorded for the month of May alone, underscoring the stability in Nigeria’s foreign exchange landscape.
Nigeria’s Economic Outlook Remains Positive
Nigeria’s foreign exchange reserves have witnessed a steady ascent in recent weeks, reflecting an overall improvement in the foreign exchange market. Earlier reports highlighted a decline from over $50.08 billion on March 12 to $49.61 billion by March 23, 2026. A further analysis from January 2026 revealed an increase of approximately $509 million over the first 22 days, indicative of improved foreign currency inflows.
The surge in Nigeria’s foreign exchange reserves aligns with recent currency reforms implemented by the Central Bank under the leadership of President Bola Ahmed Tinubu. This upward trajectory has contributed to a relative stability of the naira in recent months, enhancing investor confidence in the Nigerian economy.
In May 2026, the naira closed at N1,372 per dollar on the official market, compared to N1,585.50 per dollar in May 2025. Over the past year, Nigeria’s foreign exchange reserves have surged by more than $11 billion, signaling a positive outlook for the nation’s economic resilience.
