Nigeria’s foreign reserves gain $1.88bn in June 2026

The Nigerian foreign reserves gained $1.88 billion or 3.2 per cent in June 2026 to $51.46 billion from $49.88 billion when it closed in May 2026.

This is according to the latest data by the Central Bank of Nigeria (CBN).

The data by CBN revealed that the country’s foreign exchange buffer for the first time in 2026 crossed the $51 billion mark amid mixed price of crude oil in the global market.

WESTERNPOST learnt that the foreign reserves in half year of 2026 has appreciated by $5.96 billion or 13.09per cent from $45.5 billion it closed in 2025 to $51.46 billion as  of June 30, 2026. 

Analysts have attributed this rise in Nigeria’s external reserves to an increase in oil revenue due to a much-improved output from what it used to be.

They also listed other factors to include general improvement in the macroeconomic environment, which is driving confidence and influencing foreign exchange inflows from autonomous sources into the economy, external loans by the government, which come in foreign currency, a drastic drop in fuel importation, which has reduced pressure on the forex market and external reserves, among others.

A group of analysts at Cordros Research said, “We expect the naira to remain broadly stable in the near term, underpinned by resilient portfolio inflows, strong market confidence, and an improved current account surplus. 

“However, if the US-Iran ceasefire breaks down and triggers portfolio outflows, we expect the CBN to deploy measured FX interventions to contain excessive exchange rate volatility.”