Nigeria’s External Reserves Hit $51bn, Highest Since 2009 As Naira Weakens Across FX Markets
- Nigeria’s external reserves rose to $50.96B as of June 17, 2026, the highest since 2009, increasing by $13.22bn
- The naira weakened slightly across FX markets, closing at N1,363.30/$ at NFEM and N1,403/$ at the parallel market
- IMF backed Nigeria’s flexible exchange rate system, urging more FX market transparency, reduced reliance
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.
Nigeria’s external reserves are at their highest level since 2009, reaching almost $51 billion despite the naira's slight depreciation in some segments of the foreign exchange market due to weaker dollar inflows.
The Central Bank of Nigeria data showed the country’s foreign reserves increased to $50.96 billion as of June 17, 2026, from $37.74 billion recorded in the same period last year- an increase of $13.22 billion or 35.03%.
Source: Getty Images
The current level represents the highest in over 15 years since 2009, bolstering the CBN’s capacity to fulfil its international payment obligations and support the nation’s local currency.
Meanwhile, total turnover at the NFEM window rose by 29.25% to $378.34 million on June 18 from $292.72 million recorded on June 17. Weekly turnover at the official market reached $2.56 billion, according to CBN data.
Bayo Onanuga, Special Adviser on Information and Strategy to President Bola Tinubu, reacted to the reserves rising on X:
"Nigeria's foreign reserves rose to $51.04 billion on June 18, the highest level in 17 years. In January 2009, the reserves stood at $50.5 billion. This is the good news Peter Obi, Atiku Abubakar and other presidential candidates don't want to hear. As far as they are concerned, President Tinubu has done nothing since he came to office. Yet stubborn facts of the administration's solid achievements keep hitting them in the face."
Naira exchange rate
The Naira again depreciated against the United States Dollar by N7.16 or 0.53% in the Nigerian Foreign Exchange Market (NFEM) on Friday, June 19, to N1,370.46/$1 from the previous day’s N1,363.30/$1.
In the same vein, the Nigerian currency lost N9.07 against the pound sterling at the official market yesterday to trade at N1,814.76/£1 compared with Thursday’s closing price of N1,805.69/£1, and crashed against the euro by N6.43 to settle at N1,571.50/€1 versus N1,565.07/€1.
Also, the naira weakened against the greenback in the black market during the session by N5 to sell for N1,390/$1, in contrast to the preceding day’s N1,385/$1, and at the GTBank FX desk, it shed N3 to close at N1,376/$1 versus N1,373/$1.
IMF advises Nigeria
The International Monetary Fund (IMF) has said Nigeria’s flexible exchange rate mechanism was appropriate.
IMF said in a certain context that CBN may intervene with their actions in the market.
Source: Getty Images
Expert on naira, external reserves
Muda Yusuf, Centre for the Promotion of Private Enterprise (CPPE) told Legit.ng that the recent economic reforms have helped stabilise the foreign exchange market and improve external sector balances.
He said:
"Reduced exchange rate volatility, rising foreign reserves, renewed capital inflows, and stronger corporate earnings reflect the positive impact of stabilisation measures adopted over the last three years."
Tanzania bans use of dollar
Earlier, Legit.ng reported that the Bank of Tanzania has prohibited the use of foreign currencies, including the US dollar, for domestic transactions.
Under the new directive, all goods and services in the country must be quoted and paid for exclusively in Tanzanian shillings.
The notice, signed by Bank of Tanzania Governor Emmanuel M. Tutuba, clarified that while certain transactions involving foreign currency were still allowed under the new rules.
Source: Legit.ng
