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.

More insights

Nairametrics had earlier reported that Nigeria's external reserves gained more than $1 billion during the first half of June, extending the positive momentum recorded in previous months.

• 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."

Expert's view

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."

What you should know

The CBN had projected a stronger reserve position for 2026, supported by improvements in the country's external sector.

• In its economic projections, the apex bank forecast that Nigeria's external reserves would rise to about $51.04 billion during 2026.
• The projection was anchored on stronger oil earnings, foreign exchange market reforms and improved external capital inflows.
• The latest reserve position indicates that the CBN's projection has already been achieved, underscoring the impact of ongoing reforms aimed at strengthening Nigeria's external buffers.

The continued build-up in external reserves provides additional support for macroeconomic stability and could improve investor confidence as the country pursues broader economic and fiscal reforms.