Nigeria’s external reserves increased by approximately $1.22 billion in May 2026, closing the month at $49.58 billion, according to the latest data released by the Central Bank of Nigeria.
The figures show that gross external reserves rose from $48.36 billion recorded on April 30, 2026, to $49.58 billion as of May 29, representing a month-on-month increase of about 2.5 per cent.
The growth reflects continued strengthening of the country’s foreign exchange position amid ongoing economic reforms, improved foreign currency inflows and efforts by monetary authorities to maintain stability in the foreign exchange market.
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CBN data indicated that reserves increased steadily throughout the month, rising from $48.34 billion on May 4 to $49.58 billion by May 29.
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The reserve position crossed the $49 billion mark on May 25 and continued its upward trend through the end of the month, bringing Nigeria closer to the $50 billion threshold.
The latest figure ranks among the strongest reserve levels recorded in recent years and highlights the resilience of the country’s external sector despite global economic uncertainties.
Compared with the same period last year, Nigeria’s reserve position recorded substantial growth. External reserves stood at $38.47 billion on May 29, 2025.
The current level of $49.58 billion represents a year-on-year increase of about $11.11 billion, equivalent to nearly 29 per cent growth over the past 12 months.
The improvement is even more pronounced when compared with May 2024, when reserves stood at $32.70 billion. Over the two-year period, Nigeria has added approximately $16.88 billion to its foreign exchange reserves.
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Speaking recently on the country’s reserve position, Central Bank Governor Olayemi Cardoso said the stronger reserve buffer continues to boost investor confidence and support exchange rate stability.
The increase in reserves also coincides with relative stability in the foreign exchange market. The naira closed May 2026 at N1,372 per dollar at the official market, compared with N1,585.50 per dollar recorded in May 2025.
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Nigeria’s reserves have gained more than $11 billion over the past year following foreign exchange reforms and tighter monetary policies aimed at stabilising the currency and managing inflationary pressures.
