External Reserves Hit 17-year High Of $50.8bn On Sustained Forex Inflows

Nigeria’s external reserves have climbed to a 17-year high of $50.81 billion, reflecting sustained foreign exchange inflows and strengthening the country’s external position amid ongoing economic reforms.

Latest data from the Central Bank of Nigeria (CBN) showed that the 30-day moving average of the gross external reserves stood at $50.813 billion as of June 15, 2026, representing an increase of $5.247 billion from the $45.565 billion recorded on January 2, 2026.

The reserve build-up has been particularly strong in recent weeks. In the first 15 days of June alone, reserves increased by $1.012 billion, rising from $49.800 billion on June 1 to $50.813 billion on June 15. This followed a gain of about $1.249 billion recorded between May 4 and May 29, when reserves rose from $48.341 billion to $49.590 billion.

CBN figures showed a steady upward trajectory throughout the month. Reserves rose from $49.80 billion on June 1 to $49.88 billion on June 2 and $49.96 billion on June 3. The upward momentum continued as reserves climbed to $50.04 billion on June 4 and $50.12 billion on June 5, crossing the $50 billion mark for the first time in more than 17 years.

The reserves continued to strengthen, reaching $50.27 billion on June 8, $50.35 billion on June 9, $50.43 billion on June 10, and $50.51 billion on June 11 before closing at $50.81 billion on June 15.

The current reserve position surpasses the $50.8 billion recorded on January 23, 2009, making it Nigeria’s strongest external reserve level since the global financial crisis.

CBN Governor, Olayemi Cardoso, had attributed the improvement in the country’s reserve position to sustained efforts to strengthen Nigeria’s external buffers and enhance investor confidence.

According to him, the strong reserve position continues to reinforce confidence in the Nigerian economy while supporting exchange rate stability.

Although the current reserve level remains below the all-time high of $64.85 billion recorded in August 2008, it marks a significant recovery from the lows experienced over the past decade.

Nigeria’s reserves had dropped to as low as $23.897 billion in October 2016 before rebounding steadily to current levels.

Analysts say the continued growth in reserves provides a stronger cushion against external shocks, enhances the country’s ability to meet foreign obligations, and offers greater support for stability in the foreign exchange market.