Nigeria’s foreign exchange reserves have climbed to $51.03 billion, reaching their highest level in more than 17 years, according to the latest figures released by the Central Bank of Nigeria (CBN).
The development marks a significant milestone for Africa’s largest economy, as the country’s external reserves surpassed the $51 billion mark for the first time since 2009. The increase reflects improved foreign currency inflows and the impact of ongoing reforms aimed at strengthening Nigeria’s financial stability.
CBN data showed that the reserves rose steadily from $49.18 billion recorded at the beginning of April to $51.03 billion as of June 18, 2026. The growth highlights renewed confidence in Nigeria’s economy and the effectiveness of measures introduced to improve liquidity in the foreign exchange market.
Economic analysts attribute the rise to a combination of factors, including stronger diaspora remittances, improved oil revenue earnings, increased foreign investment inflows, and reforms designed to attract more foreign exchange into the country.
One of the key initiatives introduced by the apex bank was the implementation of revised guidelines for international money transfer operators (IMTOs), aimed at improving transparency and enhancing the flow of remittances through official channels.
CBN Governor Olayemi Cardoso has maintained that the bank remains committed to sustaining a stable foreign exchange market while building stronger reserve buffers to protect the economy from external shocks.
Experts say the growing reserve position strengthens Nigeria’s ability to meet international financial obligations, support exchange rate stability, and boost investor confidence. They also note that maintaining the upward trend will require continued reforms, increased non-oil exports, and sustained foreign capital inflows.
The latest reserve figure is widely seen as a positive indicator of Nigeria’s economic recovery efforts and a sign of improving resilience in the country’s external sector.
