Nigeria’s external reserves rose by about $1.22 billion in May 2026, closing the month at $49.58 billion, according to data from the Central Bank of Nigeria.
Figures released by the apex bank show that gross reserves increased from $48.36 billion on April 30, 2026, to $49.58 billion by May 29, 2026, representing a month-on-month gain of roughly 2.5 per cent.
The data indicates a steady build-up in Nigeria’s foreign exchange buffers throughout the month, supported by stronger FX inflows, ongoing economic reforms, and monetary policy efforts aimed at stabilising the foreign exchange market.
Reserves also climbed from $48.34 billion on May 4 to $49.58 billion at the end of May, crossing the $49 billion threshold on May 25 before continuing their upward trajectory.
The latest figure marks one of the strongest reserve positions in recent years, moving Nigeria closer to the $50 billion mark and reflecting improved confidence in the country’s macroeconomic outlook and external sector performance.
Nigeria’s external reserves stood at $38.47 billion as of May 29, 2025.
The current level of $49.58 billion reflects a year-on-year increase of about $11.11 billion, representing growth of nearly 29 per cent over the past 12 months.
When compared with May 2024, when reserves were at $32.70 billion, Nigeria has recorded an overall increase of approximately $16.88 billion in its external reserve position.
