…Highest level since 2009
Nigeria’s external reserves have climbed to $51.04 billion, reaching their strongest level in nearly 17 years amid sustained foreign exchange inflows and improving conditions in the foreign exchange (forex) market.
Data obtained from the Central Bank of Nigeria (CBN) showed that the country’s gross external reserves stood at $51.04 billion as of June 18, 2026. The figure represents the highest reserve level recorded since January 20, 2009, when reserves were approximately $51.07 billion.
The latest development highlights the continued strengthening of Nigeria’s external position, following notable gains recorded in May and further growth throughout June.
According to CBN figures, external reserves opened the month at $49.80 billion before surpassing the $50 billion threshold on June 5, when they rose to $50.12 billion. The reserves continued their upward movement, reaching $50.81 billion by June 15 and advancing further to $51.04 billion three days later.
The steady growth has been linked to stronger foreign exchange earnings and improved liquidity within the country’s external sector.
Earlier reports indicated that Nigeria’s external reserves expanded by more than $1 billion during the first half of June, extending the positive trend seen in recent months. Between June 1 and June 18, reserves increased by roughly 2.5%, rising from $49.80 billion to $51.04 billion. This followed an estimated $1.22 billion increase recorded in May 2026.
The stronger reserve position comes against the backdrop of ongoing reforms in the foreign exchange market and enhanced external inflows. Speaking in May, CBN governor, Olayemi Cardoso said: “This strong buffer continues to reinforce investor confidence in the Nigerian economy and support exchange rate stability”.
Economic analysts have noted that the higher reserve level could strengthen the apex bank’s ability to maintain exchange rate stability and meet the country’s external obligations.
With reserves already reaching the projected level, analysts say the outcome reflects the impact of policy measures aimed at strengthening Nigeria’s external buffers. They added that the continued accumulation of reserves could further support macro-economic stability and boost investor confidence as broader economic and fiscal reforms continue.
