Nigeria’s external reserves rise by $1.22 billion in May

Nigeria’s external reserves increased by about $1.22 billion in May 2026, reaching $49.58 billion by May 29, according to data from the Central Bank of Nigeria (CBN).

The reserves rose from $48.36 billion at the end of April, representing a 2.5% increase within one month.

The increase reflects stronger foreign exchange inflows, ongoing economic reforms, and efforts by the CBN to stabilize the foreign exchange market.

Key Highlights

External reserves grew from $48.34 billion on May 4 to $49.58 billion on May 29, 2026.

Nigeria’s reserves crossed the $49 billion mark on May 25 and continued rising.

The latest figure is one of the highest reserve levels recorded in recent years and brings the country close to the $50 billion milestone.

Higher reserves improve Nigeria’s ability to meet foreign obligations and support the stability of the naira.

Year-on-Year Growth

Nigeria’s external reserves stood at $38.47 billion on May 29, 2025.

Compared to that period, reserves have increased by about $11.11 billion, representing a growth rate of nearly 29% over the past year.

Compared to May 2024, when reserves were $32.70 billion, Nigeria has added approximately $16.88 billion.

CBN Governor Olayemi Cardoso recently said the strong reserve position continues to boost investor confidence and support exchange-rate stability.

Background

Nigeria’s reserves briefly exceeded $50 billion in March 2026 before falling to $49.61 billion later that month.

The reserves have strengthened significantly over the past year following foreign exchange reforms introduced by the Federal Government and the CBN.

The growth in reserves has also coincided with improvements in the foreign exchange market. The naira closed May 2026 at N1,372/$ in the official market, compared to N1,585.50/$ in May 2025.

The CBN has maintained a tight monetary policy to help control inflation and keep the exchange rate stable.