CBN: External Reserves Hit $49.34 Billion, Naira Holds Steady

Nigeria’s external reserves have climbed to $49.34 billion, inching closer to the $50 billion mark. The Central Bank of Nigeria (CBN) released the latest figures on Thursday, showing a week-on-week increase of $359.84 million from $48.98 billion recorded the previous week. The data is as of May 26, 2026.

Reserves Growth Tied to Oil Inflows

The CBN attributed the sustained rise to steady inflows from crude oil exports. Analysts said stable production levels and improved earnings from the oil sector have bolstered Nigeria’s external buffers. The growth in reserves signals improving external liquidity and supports the bank’s capacity to manage market pressures.

Naira Gains Marginally

At the Nigerian Foreign Exchange Market (NFEM), the naira appreciated by 0.16 per cent week-on-week. It closed at N1,373.25 per dollar, up from N1,375.45 per dollar a week earlier. The currency traded within a narrow band of N1,372 to N1,377, indicating reduced volatility and improved market equilibrium.

Food Import Bill Hits $2.34 Billion

The CBN also revealed that Nigeria spent approximately $2.34 billion on food imports in 2025. The figure underscores the country’s continued reliance on foreign food supplies, although foreign-exchange demand for food imports has declined modestly.

Market Stability and Investor Confidence

Market operators linked the stability in the foreign exchange market to increased dollar supply, enhanced transparency, and sustained CBN interventions. They said the growing reserves provide a stronger cushion against external shocks and support confidence in the naira.

Analysts cautioned that challenges remain. Foreign-exchange demand pressures, fluctuations in global oil prices, and potential portfolio outflows from international uncertainties could still pose risks. However, they expressed optimism that the naira would remain broadly stable in the near term, supported by stronger reserve buffers and continued foreign exchange inflows.

With reserves approaching $50 billion and exchange rate volatility moderating, Nigeria’s external sector is showing signs of gradual strengthening. The development offers reassurance to investors and businesses navigating an uncertain global economic landscape.