Nigeria’s external reserves have risen above the $52 billion mark, exceeding the Central Bank of Nigeria’s (CBN) projection for the whole of 2026.
Data from the CBN showed that the country’s external reserves stood at $52.02 billion as of July 20, 2026.
The latest figure is about $570 million higher than the $51.45 billion recorded at the end of June and above the CBN’s projected reserve level of approximately $51.04 billion for 2026.
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The current reserve position also represents Nigeria’s strongest level in more than 17 years, with the latest figure slightly above the $52.01 billion recorded on January 15, 2009.
The reserves have maintained an upward trajectory since the beginning of July, rising from $51.53 billion on July 3 to $51.58 billion on July 6.
The balance increased further to $51.64 billion on July 7 and $51.71 billion on July 8, before reaching $51.94 billion by July 17 and crossing the $52 billion threshold three days later.
The latest growth extends the strong performance recorded in recent months.
In June, external reserves closed at $51.45 billion, up from $49.58 billion at the end of May, while the reserves had risen by about $1.22 billion in May.
Between June 1 and June 18, reserves also increased from $49.80 billion to $51.04 billion, representing a growth of about 2.5 per cent.
The sustained increase in reserves comes amid efforts to strengthen Nigeria’s external liquidity position and improve foreign exchange market stability.
The CBN had projected that the country’s external reserves would rise to about $51.04 billion by the end of 2026, meaning the latest figure has already exceeded the full-year target by nearly $1 billion.
The continued accumulation of reserves could provide additional buffers against external shocks, support confidence in the foreign exchange market and strengthen the country’s capacity to meet international payment obligations.
However, the sustainability of the gains will depend on continued improvements in foreign exchange inflows, crude oil production and exports, as well as broader macroeconomic stability.
