Nigeria's External Reserves Hit $50.9 Billion, Nearing CBN's 2026 Target
By Aboki Forex —
Nigeria's external reserves have jumped by about $1 billion in 14 days. The country's foreign exchange buffer is now close to the Central Bank of Nigeria's 2026 target of $51.04 billion.
CBN data shows gross external reserves stood at $50.886 billion as of June 16, 2026. That is up from $49.800 billion on June 1. The $1.086 billion gain in the first half of June extends a steady build-up that pushed reserves past the $50 billion mark.
This latest surge represents an increase of $12.99 billion or 34.35 percent from $37.82 billion recorded on June 16, 2025. Analysts say this is the highest reserve position in nearly 17 years. It strengthens the CBN's ability to defend the naira and keep the foreign exchange market stable.
The reserve growth is driven by better dollar inflows, higher oil revenues, foreign exchange reforms, and stronger diaspora remittances under President Bola Tinubu's administration.
CBN Governor Olayemi Cardoso praised the growing buffer in May. He said it continues to boost investor confidence in the Nigerian economy and supports exchange rate stability.
In May alone, reserves grew by $1.22 billion. Between mid-May and mid-June, the country added $2.24 billion. Daily gains have been consistent since reserves crossed $50 billion on June 5.