Nigeria’s external reserves increased by approximately $1.22 billion in May 2026, closing the month at $49.58 billion.

This is according to data from the Central Bank of Nigeria (CBN).

The latest figures published by the apex bank show that gross external reserves rose from $48.36 billion as of April 30, 2026, to $49.58 billion on May 29, 2026, representing a month-on-month increase of about 2.5%.

The improvement reflects continued growth in Nigeria’s foreign exchange buffers amid ongoing economic reforms, stronger FX inflows, and efforts by monetary authorities to stabilize the foreign exchange market.

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What the data is saying

Nigeria’s external reserves maintained a steady upward trajectory throughout May, strengthening the country’s ability to meet external obligations and support exchange rate stability.

  • External reserves increased from $48.34 billion on May 4 to $49.58 billion on May 29, 2026.
  • The reserve position crossed the $49 billion mark on May 25 and continued to rise through the end of the month.
  • The monthly increase of $1.22 billion represents a growth rate of approximately 2.5%.
  • The latest reserve level is one of the strongest recorded in recent years and places Nigeria closer to the $50 billion threshold.

The sustained increase highlights improving confidence in Nigeria’s macroeconomic outlook and the resilience of the country’s external sector.

More Insights

The latest reserve position represents a significant improvement compared to previous years, reflecting stronger foreign exchange inflows and enhanced external sector performance.

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

  • The current reserve level of $49.58 billion represents a year-on-year increase of approximately $11.11 billion.
  • This translates to a growth rate of nearly 29% over the past 12 months.
  • Compared to May 2024, when reserves stood at $32.70 billion, Nigeria has added approximately $16.88 billion to its external reserves.

The CBN Governor, in May, said “This strong buffer continues to reinforce investor confidence in the Nigerian economy and support exchange rate stability.”

What you should know

Nairametrics previously reported that reserves declined from above $50.08 billion on March 12 to $49.61 billion by March 23, 2026.

In January 2026, reserves increased by about $509 million within the first 22 days, reflecting improved foreign exchange inflows at the time.

Nigeria’s external reserves have strengthened significantly over the past year following foreign exchange reforms introduced by the Central Bank of Nigeria under President Bola Ahmed Tinubu’s administration.

The growth in external reserves coincides with recent improvements in the foreign exchange market, where the naira has maintained relative stability in recent months.

The naira closed May 2026 at N1,372/$ at the official market, compared to N1,585.50/$ in May 2025.

Nigeria’s reserves have gained more than $11 billion over the past year.

The CBN has maintained a tight monetary policy stance aimed at preserving exchange rate stability and containing inflationary pressures.