Nigeria’s gross external reserves rose to $49.49 billion as of May 15, 2026, recovering from $48.35 billion recorded at the end of March and signalling renewed strength in the country’s foreign exchange position.
Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, disclosed this on Wednesday while presenting the outcome of the Monetary Policy Committee (MPC) meeting in Abuja.
The increase comes amid efforts by monetary authorities to maintain exchange rate stability, manage liquidity, and meet external obligations.
According to Cardoso, the current reserve level is sufficient to cover more than nine months of imports of goods and services, providing a strong buffer against external shocks.
“Gross external reserves remained robust at $49.49 billion as of May 15, 2026, compared with $48.35 billion at the end of March 2026, sufficient to cover 9.04 months of imports of goods and services,” he said.
“This strong buffer continues to reinforce investor confidence in the Nigerian economy and support exchange rate stability.”
The CBN governor noted that the improved reserve position reflects growing confidence in Nigeria’s foreign exchange management framework and ongoing market reforms.
The rebound follows a period of pressure on the country’s reserves. Data from the apex bank showed that reserves fell by about $855 million within five weeks, declining from $49.18 billion on April 1, 2026, to $48.33 billion on May 7, 2026.
The reserves dropped from $49.13 billion on April 2 to $48.94 billion on April 7, before declining further to $48.68 billion by April 15. The downward trend continued to $48.54 billion on April 20 and $48.36 billion at the end of April, eventually settling at $48.33 billion on May 7.
The decline had sparked concerns over the sustainability of foreign exchange inflows amid rising demand pressures. However, reserve levels remained significantly stronger than those recorded during the corresponding period in the previous year.
Cardoso had earlier downplayed concerns over the temporary decline, describing such fluctuations as normal in a dynamic foreign exchange market.
Speaking at a press briefing during the International Monetary Fund (IMF) Spring Meetings in April, he argued that reserve movements should be viewed in context rather than as indicators of underlying weakness.
“In fact, what concerns me is not so much the decline in reserves, but the reaction to relatively small swings in the numbers, which in today’s market environment should not trigger anxiety,” he said.
He maintained that Nigeria’s reserves remain comfortably above the International Monetary Fund’s benchmark of three to six months of import cover, underscoring the country’s ability to withstand external shocks and support macroeconomic stability.
Cardoso also linked the performance of the reserves to ongoing reforms in the foreign exchange market, including measures aimed at improving transparency, boosting liquidity, and attracting more inflows into the official market.
Nigeria’s reserves had earlier risen above $50 billion in March before easing to $49.61 billion by March 23. In January, the country recorded an increase of about $509 million in reserves within the first 22 days of the year, reflecting stronger foreign exchange inflows.
The country’s external reserves have recorded significant improvement over the past year, supported by foreign exchange reforms introduced by the CBN under the administration of President Bola Ahmed Tinubu.
Analysts attribute the broader improvement in reserve levels to policy reforms, rising investor confidence, and increased activity in the foreign exchange market.
As a critical buffer for managing exchange rate pressures, financing imports, and sustaining investor confidence, the rebound in reserves is expected to further strengthen Nigeria’s macroeconomic outlook.
