Nigeria’s gross external reserves increased by approximately $1.22 billion in May 2026, closing the month at $49.58 billion, according to data released by the Central Bank of Nigeria (CBN).
The latest figures show that reserves rose from $48.36 billion at the end of April 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 buffers amid ongoing economic reforms, improved FX inflows, and efforts by monetary authorities to stabilise the foreign exchange market.
Data from the apex bank indicate that reserves maintained a steady upward trajectory throughout May, rising from $48.34 billion on May 4 and crossing the $49 billion mark on May 25 before closing the month at $49.58 billion.
The latest reserve position is among the strongest recorded in recent years and brings Nigeria closer to the $50 billion threshold.
Analysts say the sustained increase underscores improving confidence in Nigeria’s macroeconomic outlook, stronger external sector performance, and enhanced capacity to meet external obligations while supporting exchange rate stability.
On a year-on-year basis, the reserve position has improved significantly. Nigeria’s external reserves stood at $38.47 billion on May 29, 2025, compared to the current level of $49.58 billion, representing an increase of $11.11 billion or nearly 29 per cent.
Compared with May 2024, when reserves stood at $32.70 billion, the country has added about $16.88 billion to its foreign exchange stockpile.
Speaking on the reserve position in May, CBN Governor, Olayemi Cardoso, said the strong reserve buffer continues to bolster investor confidence and support stability in the foreign exchange market.
“This strong buffer continues to reinforce investor confidence in the Nigerian economy and support exchange rate stability,” he said.
Nigeria’s reserves have experienced occasional fluctuations this year. They declined from over $50.08 billion on March 12 to $49.61 billion by March 23, before resuming their upward trend. Earlier in January, reserves increased by about $509 million within the first 22 days of the year, reflecting stronger foreign exchange inflows.
The sustained growth in reserves follows foreign exchange reforms implemented by the Central Bank of Nigeria under the administration of President Bola Ahmed Tinubu.
The improvement has coincided with greater stability in the foreign exchange market. The naira closed May 2026 at N1,372/$ at the official market, compared with N1,585.50/$ in May 2025, reflecting a notable strengthening of the local currency over the period.
The CBN has continued to maintain a tight monetary policy stance aimed at preserving exchange rate stability, boosting investor confidence, and containing inflationary pressures.
