By Busola Aro

Data from the Central Bank of Nigeria (CBN) showed the reserves had crossed the $50 billion mark March 10, hitting $50.01 billion.

However, the latest figure is the highest recorded since January 26, 2009, when external reserves stood at $50.58 billion..

The latest figure also represents a sharp increase from the $38.28 billion recorded on June 5, 2025, indicating a year-on-year rise of about 30.9 percent.

Within one year, Nigeria added approximately $11.84 billion to its reserve stock, strengthening the country’s external buffers amid ongoing efforts to stabilise the foreign exchange market and improve macroeconomic fundamentals.

The reserve build-up has accelerated over the past year.

From $38.28 billion on June 5, 2025, reserves rose steadily through the second half of the year, closing July at $39.36 billion before increasing to $41.31 billion in August and $42.35 billion in September.

The upward trajectory continued in the final quarter of 2025, with reserves reaching $43.20 billion in October, $44.67 billion in November and $45.50 billion by December 31, 2025.

The momentum extended into 2026.

Reserves climbed to $46.28 billion at the end of January and surged to $49.69 billion by February 27.

Although the reserves declined slightly to $49.24 billion at the end of March and $48.36 billion by the end of April.

Data also showed that the reserves position strengthened consistently in recent weeks, rising from $48.98 billion on May 22 to $49.26 billion on May 25, $49.34 billion on May 26, $49.58 billion on May 29, $49.80 billion on June 1, $49.88 billion on June 2, $49.96 billion on June 3, $50.04 billion on June 4 and $50.11 billion on June 5.

Although, on February 24, Olayemi Cardoso, the CBN governor, said Nigeria’s FX reserves stood at $50.45 billion, however, CBN’s data contradicts his claim.

The increase in foreign reserves comes amid ongoing reforms in the foreign exchange market, improved oil production levels, stronger diaspora remittances and efforts by monetary authorities to attract foreign capital inflows and bolster external liquidity.

On June 2, the CBN released the fourth edition of its foreign exchange manual aimed at promoting transparency, safeguarding external reserves, strengthening compliance, and improving efficiency in the foreign exchange market.

The 2026 manual, issued by the trade and exchange department, outlines the procedures, documentation requirements, and compliance framework for foreign exchange transactions in Nigeria.

Source: TheCable