Nigeria’s Foreign Reserves Hit 17-Year High, Cross $51 Billion

• Nigeria’s external reserves have climbed to $51.04 billion, their highest level in about 17 years, driven by stronger foreign exchange inflows, improved liquidity, and ongoing economic reforms.

Nigeria’s external reserves have risen to $51.04 billion, reaching their highest level in nearly 17 years, according to data from the Central Bank of Nigeria (CBN).

The latest figure, recorded on June 18, 2026, marks the strongest reserve position since January 2009, when the country’s reserves stood at approximately $51.07 billion.

Data from the apex bank shows that the reserves increased by 3.76 percent, or $1.85 billion, from $49.18 billion on April 1, 2026, to $51.04 billion in mid-June, reflecting stronger foreign exchange inflows and improved liquidity conditions in Nigeria’s external sector.

Nigeria first crossed the $50 billion mark on March 10, 2026, when reserves reached $50.01 billion, before rising to $50.11 billion on June 5 and eventually surpassing $51 billion.

The increase followed the CBN’s review of payment methods for International Money Transfer Operators (IMTOs). In March, the bank directed all IMTOs to open naira settlement accounts and route remittance transactions through them, ending decades of dollar cash payments to recipients of diaspora remittances.

The CBN said the directive forms part of broader efforts to strengthen Nigeria’s remittance framework under the revised guidelines for international money transfer services introduced in January 2024.

Reacting to the development, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, described the reserve growth as a positive sign that economic reforms are beginning to yield results.

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However, he stressed the need for Nigeria to diversify its sources of foreign exchange earnings by boosting oil exports, non-oil exports, and foreign direct investment, warning against excessive dependence on portfolio investments.

According to experts, the rise in external reserves is expected to improve investor confidence, support exchange rate stability, and strengthen the country’s ability to meet its international financial obligations.