Nigeria’s foreign reserves have crossed the $51 billion mark for the first time in 17 years. Fresh data from the Central Bank of Nigeria (CBN) shows that reserves rose to $51.04 billion on June 18, 2026. The last time reserves reached this level was in January 2009. This milestone highlights a stronger external position for Africa’s largest economy.
The growth has been steady throughout June. At the start of the month, reserves stood at $49.80 billion. By June 15, the figure had increased to $50.81 billion. Just three days later, it climbed above the $51 billion mark. As a result, Nigeria added more than $1 billion to its reserves within the first half of the month.
Several factors are driving the increase. Stronger foreign exchange inflows have improved liquidity in the market. In addition, ongoing reforms in the foreign exchange sector are helping to strengthen confidence. The reserves also gained about $1.22 billion in May. According to CBN Governor Olayemi Cardoso, the stronger reserve position supports exchange rate stability and boosts investor confidence.
Economic experts have welcomed the development. Dr. Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), said the trend shows that economic reforms are producing results. However, he stressed the need for more diverse sources of inflows. He noted that reserves should come from oil exports, non-oil exports, foreign direct investment, and other sustainable channels.
Looking ahead, the stronger reserve buffer could support economic stability and attract more investment into Nigeria.
