Lagos, Nigeria (VOICE OF NAIJA)- NIGERIA’S gross external reserves have climbed to $51.86 billion, their highest level in more than 17 years, surpassing the Central Bank of Nigeria’s (CBN) projection for the entire year and reinforcing the country’s improving external position.
Latest data from the CBN shows that the reserves stood at $51.86 billion as of July 14, 2026, extending a sustained upward trend driven by stronger foreign exchange inflows, improved export earnings and rising investor confidence.
The reserve level is the highest since January 15, 2009, when Nigeria recorded $52.01 billion in external reserves during a period of elevated crude oil prices before the global financial crisis weakened external balances.
The latest milestone reflects a strengthening of Nigeria’s external buffers, providing greater capacity to meet international obligations, support exchange rate stability and cushion the economy against external shocks.
According to the CBN, the reserves increased by about $22.69 million between July 13 and July 14, continuing the steady growth that has characterised reserve performance since the second quarter of the year.
READ ALSO: CBN Forecasts Slight Decline In External Reserves For 2024
At the beginning of July, the country’s reserves stood at $51.52 billion. They rose to $51.76 billion within the first week of the month before climbing further to $51.86 billion.
The sustained growth reflects improved foreign currency inflows into the economy and stronger liquidity conditions in the foreign exchange market.
The latest increase follows a strong performance in June, when Nigeria’s external reserves rose from $49.58 billion at the end of May to $51.45 billion by the close of June, representing an increase of nearly $1.9 billion within one month.
Between June 1 and June 18, reserves expanded from $49.80 billion to $51.04 billion, representing growth of approximately 2.5 per cent.
The June gains came after reserves had already increased by about $1.22 billion in May, marking a significant recovery from the fluctuations recorded during the first quarter of the year.
At the end of April, reserves stood at $48.36 billion, down from $49.23 billion at the end of March. However, February had already signalled a turnaround, with reserves rising to $49.69 billion from $46.27 billion in January, a 7.4 per cent increase.
Since then, the country’s reserves have continued to strengthen, supported by improved oil receipts, stronger export earnings and increased foreign capital inflows.
Commenting on the development, the Chief Executive Officer of Nisela Capital Limited, Dr. Jerry Igwilo, said the steady rise in reserves is a positive indicator for the Nigerian economy.
According to him, higher international crude oil prices in recent months have significantly boosted Nigeria’s foreign exchange earnings.
“We have seen that in the last couple of months, crude oil prices have gone up because of the Iran-US war. What that has done is increase the amount of dollars we earn from crude oil sales.
“For Nigeria, the increase in foreign reserves means we are earning more revenue in foreign currency,” he said.
Igwilo added that stronger economic fundamentals and improved foreign exchange earnings have also contributed to the sustained reserve build-up.
READ ALSO: CBN Projects External Reserves To Rise To $51bn In 2026
Also speaking, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Muda Yusuf, said the increase reflects growing confidence among foreign investors and improvements in Nigeria’s external trade position.
According to him, stronger portfolio investment inflows and sustained trade surpluses have played an important role in the accumulation of reserves.
“It takes a lot of confidence in an economy for foreign inflows to come in, and we have seen significant improvement in portfolio flows.
In addition to that, our export performance has improved. If you look at our trade data, you will see that we have consistently recorded trade surpluses,” he said.
Yusuf added that ongoing macroeconomic reforms have improved foreign exchange liquidity and enhanced the attractiveness of Nigerian financial assets to global investors.
“Generally, it reflects improving confidence in the economy. It also shows that Nigeria continues to offer attractive returns on its financial instruments,” he noted.
The latest reserve position is particularly significant because it has already exceeded the CBN’s projection for 2026.
In its macroeconomic outlook, the apex bank had forecast that Nigeria’s external reserves would rise to about $51.04 billion by the end of the year, supported by higher crude oil earnings, foreign exchange market reforms, increased diaspora remittances, stronger capital inflows, expanded domestic refining capacity and successful sovereign bond issuances.
With reserves now standing at $51.86 billion, Nigeria has exceeded the CBN’s full-year target by roughly $820 million, several months ahead of schedule, underscoring the resilience of the country’s external sector and the impact of ongoing economic reforms.
