Nigeria’s gross external reserves have climbed to $51.86 billion, their highest level since January 2009, according to the latest data from the Central Bank of Nigeria (CBN).
The new reserve level surpasses the CBN’s 2026 target of $51.04 billion, highlighting stronger foreign exchange inflows and an improving external position.
Analysts attribute the growth to higher crude oil earnings, stronger export performance, increased foreign capital inflows, and sustained foreign exchange market reforms. They say the development strengthens Nigeria’s external buffers, enhances the CBN’s ability to support exchange rate stability, and boosts investor confidence.
Data from the CBN shows the reserves rose from $51.52 billion at the beginning of July to $51.86 billion by July 14, following a strong June performance in which reserves increased by nearly $1.9 billion.
Economists, including Dr. Jerry Igwilo of Nisela Capital and Dr. Muda Yusuf of the Centre for the Promotion of Private Enterprise (CPPE), say continued growth in oil exports, stronger non-oil exports, sustained foreign investment, and ongoing economic reforms will be crucial to maintaining the positive momentum.
