Nigeria’s foreign reserves have climbed to $50.11 billion, marking the highest level recorded in more than 17 years and reflecting a significant improvement in the country’s external financial position.
Figures released by the Central Bank of Nigeria (CBN) showed that reserves reached the milestone on June 5, surpassing the $50 billion threshold and recording the strongest reserve level since January 2009, when the country held $50.58 billion in external assets.
The latest reserve position represents a substantial increase from the $38.28 billion recorded on June 5, 2025.
Within one year, Nigeria added about $11.84 billion to its reserve stock, translating to an annual growth of nearly 31 per cent.
The increase comes amid ongoing reforms in the foreign exchange market and efforts by monetary authorities to strengthen confidence in the economy.
Reserve growth gathered momentum throughout the second half of 2025. The country’s external assets rose from $39.36 billion in July to $41.31 billion in August and $42.35 billion in September.
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The upward trend continued in the final quarter of the year, reaching $43.20 billion in October, $44.67 billion in November and closing 2025 at $45.50 billion.
The positive momentum extended into 2026. Reserves rose to $46.28 billion at the end of January before surging to $49.69 billion by late February.
Although there was a temporary decline in March and April, reserves rebounded strongly in May and continued to rise steadily in the first week of June, eventually settling at $50.11 billion.
Analysts attribute the growth to improved oil production, stronger diaspora remittances, increased foreign capital inflows and policy measures aimed at stabilising the naira and boosting liquidity in the foreign exchange market.
The development also comes shortly after the CBN introduced the fourth edition of its foreign exchange manual.
The updated framework is intended to improve transparency, strengthen compliance standards, protect external reserves and enhance efficiency in the management of foreign exchange transactions across the country.