Nigeria’s external reserves have climbed to $50.11 billion as of June 5, 2026, marking their highest level in 17 years, according to data from the Central Bank of Nigeria (CBN).

The figure represents a strong recovery in the country’s external position, surpassing the $50 billion threshold first crossed in March 2026 and last seen at this level in January 2009, when reserves stood at $50.58 billion.

Steady Year-on-Year Growth

The latest data shows a notable improvement compared to $38.28 billion recorded on June 5, 2025, reflecting an increase of about 30.9 percent year-on-year. In total, Nigeria added approximately $11.84 billion to its reserves within one year.

CBN records show a consistent upward trend throughout 2025 and early 2026:

June 2025: $38.28bn

December 2025: $45.50bn

January 2026: $46.28bn

February 2026: $49.69bn peak

April 2026: $48.36bn (temporary dip)

June 5, 2026: $50.11bn

The reserves strengthened particularly in late May and early June 2026, rising steadily as inflows improved.

Drivers of the Increase

Analysts attribute the growth in reserves to improved crude oil production and export earnings, increased diaspora remittances, foreign capital inflows, ongoing foreign exchange market reforms, and monetary tightening and policy adjustments by the CBN.

The CBN has also introduced updated foreign exchange guidelines aimed at improving transparency, strengthening compliance, and enhancing efficiency in FX operations.

Mixed Signals from Officials

While the reserve build-up is clear from official data, there has been some inconsistency in reported figures. Earlier in February 2026, CBN Governor Olayemi Cardoso reportedly cited a higher figure of $50.45 billion, which differs slightly from the latest published data.

Economic Significance

The rise in reserves strengthens Nigeria’s external buffers, supports currency stability, and improves investor confidence as the country continues efforts to stabilise its macroeconomic environment.