Nigeria’s foreign reserves hit 17-year high of $51.86bn, beat CBN target

Nigeria’s external reserves have climbed to $51.86 billion, their highest level in more than 17 years and above the Central Bank of Nigeria, CBN’s, projection for the year.

Data from the CBN tracked by Nairametrics shows that gross foreign reserves stood at $51.86 billion as of Tuesday, July 14, 2026, extending a strong upward trend in recent months.

The latest figure is the highest since January 15, 2009, when reserves stood at $52.01 billion during a period of elevated oil prices, before the global financial crisis weakened external balances.

The milestone underscores a strengthening external position, supported by improved foreign exchange inflows, rising export earnings, and sustained investor interest in Nigerian financial assets.

CBN data shows reserves increased by approximately $22.69 million between Monday, July 13, and Tuesday, July 14, 2026.

At the start of July, reserves stood at $51.52 billion. Within a week, they rose to $51.76 billion before climbing further to $51.86 billion on Tuesday.

The sustained growth reflects stronger foreign currency inflows and improved liquidity in the foreign exchange market.

The development also signals stronger external buffers, giving the country greater capacity to meet international obligations, support exchange rate stability, and withstand potential external shocks.

The increase follows a robust performance in June, when reserves closed at $51.45 billion, compared to $49.58 billion at the end of May. That represented an increase of nearly $1.9 billion in one month.

Between June 1 and June 18 alone, reserves expanded from $49.80 billion to $51.04 billion, a growth of about 2.5%.

May also recorded gains, with reserves rising by approximately $1.22 billion.

The recent trajectory marks a turnaround from fluctuations in the first quarter. At the end of April, reserves stood at $48.36 billion, down from $49.23 billion at the end of March.

Recovery began in February, when reserves rose to $49.69 billion from $46.27 billion in January, a 7.4% increase.

Since then, reserves have continued to strengthen, supported by developments in the oil sector and capital inflows.

*‘Oil earnings, investor confidence driving growth’*  

Speaking to Nairametrics, the Chief Executive Officer of Nisela Capital Limited, Dr. Jerry Igwilo, said the steady rise is a positive signal for the economy.

According to him, crude oil exports remain a major source of foreign exchange earnings, and higher oil prices in recent months have boosted reserve accretion.

“We have seen that in the last couple of months, crude oil prices have gone up because of the Iran-US tensions. What that has done is increase the amount of dollars we get for selling our crude oil. 

“For Nigeria, the increase in foreign reserves means that we are able to get in more revenue in foreign currency,” he said.

Igwilo added that improving economic fundamentals and stronger foreign exchange earnings have supported the reserve build-up.

Also commenting, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, CPPE, Dr. Muda Yusuf, attributed the increase to growing confidence among foreign investors.

“Significant improvement in portfolio flows” and “improving export performance” have contributed to reserve accumulation, he said.

“If you look at our trade data, you will see that increasingly, we have been in surplus for some time now,” Yusuf noted.

He added that ongoing economic reforms have improved foreign currency liquidity and enhanced the attractiveness of Nigerian financial instruments to global investors.

The latest reserve position is significant because it has already exceeded the CBN’s projection for the entire year.

In its macroeconomic outlook, the apex bank projected that Nigeria’s external reserves would rise to approximately $51.04 billion in 2026.

The forecast was based on expectations of stronger crude oil earnings, FX market reforms, increased diaspora remittances, higher foreign capital inflows, expanded domestic refining capacity, and sovereign bond issuances.

With reserves now at $51.86 billion, Nigeria has surpassed that target by roughly $800 million, several months before year-end.