Nigeria’s external reserves rose to $52.02 billion on July 20, 2026, reaching their highest level since January 2009 and surpassing the Central Bank of Nigeria’s (CBN) projected level for the full year.
Checks by Nairametrics on the CBN database showed that the country’s external reserves stood at $52.01 billion as of January 15, 2009.
The latest position is above the CBN’s projected 2026 reserve level of approximately $51.04 billion and represents an increase of about $570 million from the $51.45 billion recorded at the end of June.
What the data is saying
Nigeria’s external reserves have continued to rise steadily in July, extending the growth recorded in previous months.
- The reserves stood at $51.53 billion on July 3 and rose 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.
- By July 17, the reserves had reached $51.94 billion before rising above the $52 billion mark on July 20.
The July increase follows strong growth recorded in June, when Nigeria’s external reserves closed at $51.45 billion, compared with $49.58 billion at the end of May.
Get up to speed
Nigeria’s foreign reserves have recorded sustained growth in recent months, with the June increase building on the gains recorded in May.
- Between June 1 and June 18, the reserves rose from $49.80 billion to $51.04 billion, representing growth of about 2.5%.
- External reserves increased by approximately $1.22 billion in May.
- The reserves then expanded by nearly $1.9 billion between the end of May and the end of June.
- The latest position has now surpassed the CBN’s projected reserve level of approximately $51.04 billion for the whole of 2026.
The continued accumulation of reserves provides a stronger external buffer for the Nigerian economy and comes as the CBN continues efforts to strengthen foreign exchange market stability.
More insights
Analysts, who spoke with Nairametrics earlier on the rising reserves attributed the growth to recent increase in the country’s oil production and the rising crude price in the international market.
According to the Chief Executive Officer of Nisela Capital Limited, Dr. Jerry Igwilo, crude oil exports remain one of Nigeria’s most important sources of foreign exchange earnings, and higher oil prices in recent months have contributed significantly to reserve accretion.
- “We have seen that in the last couple of months, the prices of crude oil have gone up because of the Iran-US war. What that has done is that it has increased the amount of dollars we get for selling our crude oil.
- “For Nigeria, the increase in foreign reserves means that we’re able to get in more revenue in foreign currency,” he said.
For the Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, the increase reflects growing confidence among foreign investors and the international business community.
According to him, stronger portfolio investment inflows and improved export performance have contributed significantly to the reserve accumulation.
- “It takes a lot of confidence in an economy for foreign inflows to come in, and of course, we have seen significant improvement in portfolio flows especially.
- “In addition to that, our export performance has been improving. If you look at our trade data, you will see that increasingly, we have been in surplus for some time now,” he said.
What you should know
The latest increase in external reserves comes as the CBN maintains a tight monetary policy stance aimed at moderating inflation and supporting macroeconomic stability.
- The Monetary Policy Committee retained the Monetary Policy Rate at 26.5% at its 306th meeting held in Abuja on July 20 and 21, 2026.
- The Cash Reserve Ratio was retained at 45% for commercial banks and 16% for merchant banks.
- The Standing Facilities Corridor remained at +50/-450 basis points around the MPR.
- The CRR on non-TSA public sector deposits was retained at 75%.
The CBN said headline inflation eased marginally to 15.91% in June 2026 from 15.93% in May, while the stronger reserve position provides additional support for Nigeria’s external position and efforts to stabilise the foreign exchange market.
