At $51.9bn, Nigeria’s external  reserves highest peak since 2009

Nigeria’s external reserves have climbed to $51.9 billion, marking their highest level in more than 17 years and surpassing the Central Bank of Nigeria’s (CBN) projection for the year.

Data from the CBN revealed that the country’s gross foreign reserves stood at $51.9 billion as of Tuesday, July 14, 2026, extending a strong upward trend that has gathered pace in recent months.

The latest figure represents the highest reserve level since January 15, 2009, when Nigeria’s reserves stood at $52.01 billion, during a period of elevated oil prices before the global financial crisis significantly impacted external balances.

The milestone underscores the strengthening of Nigeria’s external position amid improved foreign exchange inflows, rising export earnings, and sustained investor interest in the country’s financial assets.

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

The increase continues with a steady upward movement that has characterized reserve performance since the beginning of the second quarter of the year.

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

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

The development also signals a continued strengthening of Nigeria’s external buffers, providing greater capacity for the country to meet international obligations, support exchange rate stability, and withstand potential external shocks.

The latest increase follows a robust performance in June, when reserves rose significantly.

Nigeria’s external reserves closed June at $51.45 billion, compared to $49.58 billion at the end of May, representing an increase of nearly $1.9 billion within a month.

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

The June performance came on the heels of gains recorded in May, when reserves increased by approximately $1.22 billion.

The reserve trajectory in recent months marks a notable turnaround from earlier fluctuations recorded in the first quarter of the year.

At the end of April, reserves stood at $48.36 billion, lower than the $49.23 billion recorded at the end of March.

However, February had already shown signs of recovery, with reserves rising to $49.69 billion from $46.27 billion in January, representing a 7.4% increase.

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