Nigeria’s external reserves increased by more than $1 billion in the first half of June 2026, extending the gains recorded in May and strengthening the country’s foreign exchange buffers.
Data from the Central Bank of Nigeria (CBN) showed that gross external reserves rose from $49.80 billion on June 1, 2026, to $50.81 billion as of June 15, 2026, representing an increase of approximately $1.01 billion within two weeks.
The latest build-up follows a strong performance in May, when Nairametrics reported that Nigeria’s reserves expanded by about $1.22 billion over the course of the month, reflecting sustained foreign exchange inflows and improved external liquidity.
What the data is saying
CBN data shows that external reserves recorded a steady and consistent upward trend throughout the first half of June.
- The reserves began the month at $49.80 billion on June 1, rising gradually to $49.88 billion on June 2 and $49.96 billion on June 3. The upward momentum continued into June 4 and June 5, when the figures climbed to $50.04 billion and $50.12 billion, respectively, crossing the $50 billion mark.
- By June 8, reserves had increased further to $50.27 billion, followed by $50.35 billion on June 9 and $50.43 billion on June 10. The growth trajectory persisted on June 11, when reserves reached $50.51 billion, before advancing to $50.81 billion by June 15, marking the highest level within the period under review.
- The reserve position increased by about 2.0% during the first 15 days of June, marking one of the strongest short-term improvements recorded this year.
The latest balance also represents a significant improvement from the corresponding periods in April and May.
More insights
A comparison with previous months highlights the pace of reserve accumulation.
- External reserves stood at $48.58 billion on May 15, 2026, meaning reserves have grown by about $2.24 billion over one month.
- On April 15, 2026, reserves were $48.68 billion, indicating an increase of approximately $2.06 billion over two months.
- The CBN’s reserves crossed the $50 billion mark during the first week of June and have continued to strengthen.
The steady growth follows the approximately $1.22 billion increase recorded during the full month of May.
- 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.”
What you should know
Nigeria’s external reserves have been on a sustained upward trend in recent weeks, coinciding with improved conditions in the foreign exchange market.
- Nairametrics previously reported that reserves declined from above $50.08 billion on March 12 to $49.61 billion by March 23, 2026.
- In January 2026, reserves increased by about $509 million within the first 22 days, reflecting improved foreign exchange inflows at the time.
Nigeria’s external reserves have strengthened significantly over the past year following foreign exchange reforms introduced by the Central Bank of Nigeria under President Bola Ahmed Tinubu’s administration.
The growth in external reserves coincides with recent improvements in the foreign exchange market, where the naira has maintained relative stability in recent months.
The naira closed May 2026 at N1,372/$ at the official market, compared to N1,585.50/$ in May 2025.
Nigeria’s reserves have gained more than $11 billion over the past year.
