Nigeria’s External Reserves Hit $50.11 Bilion, Good News for Naira
- Nigeria’s external reserves have continued to rise, extending a steady upward trend in recent weeks
- Data shows the reserves, which recently crossed the $50 billion mark, have continued to strengthen on sustained FX inflows
- Analysts say the gains will help the naira and improve the CBN's defence of Nigerian currency
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Central Bank of Nigeria has revealed that Nigeria's external reserves increased to $50.42 billion as of June 10, 2026.
The latest increase from $50.11 billion in reserves on June 5, 2026, built on an upward momentum that has seen reserves sustain above the $50 billion level in recent sessions.
Source: Facebook
The CBN stated that Nigeria's external reserves continue to strengthen following continued flows, driven by higher earnings on oil, diaspora inflows and return of foreign portfolio investments to the market.
The BusinessDay noted that the sustained buildup reflects the strengthened FX liquidity conditions while global financial uncertainty continues to impact capital flows to emerging markets.
External reserves hit a 17-year high
Nigeria’s external reserves, standing at $50.42 billion, are now at a 17-year high. The last time the reserves were at this level was on January 26, 2009, when they stood at $50.58 billion.
From $38.28 billion on June 5, 2025, provisional CBN data revealed that external reserves rose by 30.9% or $11.84 billion year-on-year to $50.42 billion on June 10, 2026.
The CBN said that the improvement in external reserves was on the back of higher FX inflows as a result of increased production of crude oil, remittances inflows and renewed foreign portfolio investments into the economy.
FX reserves movement
Total external reserves accumulated significantly between June 2025 and April 2026, moving from $38.28 billion in June 2025 to $39.36 billion in July, $41.31 billion in August and $42.35 billion in September 2025.
Source: Twitter
The build-up continued with external reserves reaching $43.20 billion, $44.67 billion and $45.50 billion in October, November and December 31, 2025, respectively.
Foreign reserves accumulated to $46.28 billion, $47.11 billion, $48.33 billion, $48.38 billion, $48.72 billion, $49.21 billion and $49.49 billion in January, February 23, March 30, April 2, April 7, April 20, and April 27, respectively.
However, external reserves sustained the March trend with further accumulation and have now stood at $49.53 billion on May 11, $49.62 billion on May 18, $49.89 billion on May 20, $49.97 billion on May 21, $50.03 billion on May 22, $50.11 billion on June 5, and $50.42 billion as of June 10, 2026.
Traders sell dollar, pound at new exchange rates
Earlier, Legit.ng reported that the Nigerian naira began the new trading week on a bearish note on Monday, falling in value against the US dollar on both the official and parallel foreign exchange markets.
In the parallel market, the naira dropped N5 to $1 for N1,380/1$, from N1,375/1$ previously.
The Nigerian currency also weakened by N1 to trade at N1,373/1$ against the dollar on the GTBank FX desk. It opened the trading day at N1,372/1$.
Source: Legit.ng
