Nigeria’s foreign reserves cross $50bn mark, reach $50.81bn in June

Nigeria’s external reserves have recorded another significant boost, rising by more than $1 billion in the first half of June 2026 and extending the strong upward momentum witnessed in May, according to the latest data from the Central Bank of Nigeria (CBN).

The latest figures show that the country’s gross external reserves increased from $49.80 billion on June 1, 2026, to $50.81 billion as of June 15, representing a gain of approximately $1.01 billion within just two weeks.

The development reinforces Nigeria’s foreign exchange position and reflects sustained inflows into the economy amid ongoing reforms aimed at strengthening investor confidence and stabilising the foreign exchange market.

CBN data indicate that Nigeria’s reserves maintained a consistent upward trajectory throughout the first half of June, crossing the crucial $50 billion threshold during the first week of the month.

The reserves opened June at $49.80 billion and rose steadily to $49.88 billion on June 2 and $49.96 billion on June 3. The upward movement continued as reserves climbed to $50.04 billion on June 4 and $50.12 billion on June 5, officially breaching the $50 billion mark.

The growth persisted in the following days, with reserves reaching $50.27 billion on June 8, $50.35 billion on June 9, and $50.43 billion on June 10. By June 11, reserves stood at $50.51 billion before rising further to $50.81 billion on June 15, the highest level recorded during the review period.

Overall, the reserve position expanded by approximately 2 percent within the first 15 days of June, making it one of the strongest short-term increases recorded so far in 2026.

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On May 15, 2026, external reserves stood at $48.58 billion, meaning the country accumulated approximately $2.24 billion within one month.

Similarly, reserves were recorded at $48.68 billion on April 15, indicating a gain of about $2.06 billion over two months.

The latest increase follows a strong performance in May when Nigeria’s reserves expanded by approximately $1.22 billion over the course of the month, reflecting improved external liquidity and stronger foreign exchange inflows.

Analysts say the sustained growth in reserves suggests increasing confidence in the economy and provides the monetary authorities with a stronger buffer against external shocks.

Speaking on the strength of the country’s reserve position in May, CBN Governor Olayemi Cardoso said the growing reserve stock was helping to reinforce confidence in Nigeria’s economic outlook.

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

The reserve build-up has coincided with relative stability in the foreign exchange market, where the naira has shown signs of recovery following a series of reforms introduced by the CBN and the administration of President Bola Ahmed Tinubu.

Nigeria’s external reserves have strengthened considerably over the past year, supported by foreign exchange reforms, improved market transparency, increased inflows from investors and exporters, and tighter monetary policy measures.

At the official foreign exchange market, the naira closed May 2026 at approximately N1,372 per dollar, compared with N1,585.50 per dollar in May 2025, reflecting a significant appreciation over the period.

Market analysts believe the stronger reserve position provides additional support for exchange rate stability by enhancing the CBN’s ability to meet foreign exchange obligations and manage market volatility.

Economists say the continued accumulation of reserves strengthens Nigeria’s macroeconomic fundamentals and improves its capacity to withstand global financial shocks, fluctuations in oil prices and external liquidity pressures.