Nigeria’s foreign exchange reserves have surged to $51.04 billion on June 18, 2026, marking the country’s highest level in 17 years.
The rebound signals a robust recovery for Nigeria after years of crippling dollar shortages, gridlocked foreign exchange markets, and falling capital inflows.
The fresh milestone underscores the compounding success of aggressive macroeconomic overhauls executed by the Central Bank of Nigeria (CBN) and the federal government.
Checks on Central Bank of Nigeria (CBN) data showed that Nigeria’s foreign reserves stood at $51,035,544,733.65 on June 18, 2026, the highest level since January 20, 2009, when reserves reached about $51.07 billion.
CBN data showed that Nigeria’s external reserves maintained a consistent upward trajectory during the month.
The reserves started June at $49.80 billion and crossed the $50 billion mark by June 5, reaching $50.12 billion.
By June 15, reserves had increased further to $50.81 billion before climbing to $51.04 billion three days later.
The sustained increase reflects stronger foreign exchange inflows and improved liquidity conditions in the country’s external sector.
Reserves increased by about 2.5% between June 1 and June 18, rising from $49.80 billion to $51.04 billion.
The improvement follows an increase of approximately $1.22 billion recorded during the month of May 2026.
The strengthening reserve position comes amid ongoing foreign exchange market reforms and improved external inflows into the economy.
The CBN Governor Olayemi Cardoso, had, in May, said: “This strong buffer continues to reinforce investor confidence in the Nigerian economy and support exchange rate stability.”
Analysts believe the higher reserve level could enhance the CBN’s capacity to support exchange rate stability and meet external obligations.
The Centre for the Promotion of Private Enterprise (CPPE) and its Chief Executive Officer, Dr. Muda Yusuf, speaking to Nairametrics, commended the development.
He noted, “That shows we are making progress. It shows that the [President Bola Tinubu’s] reforms are yielding results.”
He noted further that it is important for the nation to diversify its reserves in terms of sources.
He said, “This is important so that it is not too concentrated – in terms of the sources – on portfolio flow. It has to be properly diversified – non-oil exports, oil exports, FDI, etc. That will ensure more resilience.”
