The Central Bank of Nigeria (CBN) has announced that the country's external reserves climbed to $50.42 billion as of June 10, 2026. This represents an increase from $50.11 billion recorded on June 5, 2026, continuing a steady upward trend that has kept reserves above the $50 billion threshold in recent weeks.
17-Year High for External Reserves
At $50.42 billion, Nigeria's external reserves have reached a 17-year high. The last time reserves were at this level was on January 26, 2009, when they stood at $50.58 billion. The sustained buildup reflects improved foreign exchange liquidity conditions, driven by higher crude oil earnings, increased diaspora remittances, and renewed foreign portfolio investments.
Year-on-year, external reserves rose by 30.9% or $11.84 billion, from $38.28 billion on June 5, 2025, to $50.42 billion on June 10, 2026. The CBN attributed the improvement to higher FX inflows resulting from increased crude oil production, remittance inflows, and foreign portfolio investments.
Monthly Reserve Accumulation Trends
Total external reserves accumulated significantly between June 2025 and April 2026. The reserves moved from $38.28 billion in June 2025 to $39.36 billion in July, $41.31 billion in August, and $42.35 billion in September 2025. The buildup continued with reserves reaching $43.20 billion in October, $44.67 billion in November, and $45.50 billion by December 31, 2025.
In 2026, reserves accumulated to $46.28 billion in January, $47.11 billion by February 23, $48.33 billion by March 30, $48.38 billion on April 2, $48.72 billion on April 7, $49.21 billion on April 20, and $49.49 billion on April 27. The upward trend persisted with reserves at $49.53 billion on May 11, $49.62 billion on May 18, $49.89 billion on May 20, $49.97 billion on May 21, $50.03 billion on May 22, $50.11 billion on June 5, and $50.42 billion as of June 10, 2026.
Impact on Naira and Market Conditions
Analysts note that the strengthening external reserves will help stabilize the naira and enhance the CBN's ability to defend the Nigerian currency. The sustained buildup reflects improved FX liquidity conditions, even as global financial uncertainty continues to impact capital flows to emerging markets.
Earlier reports indicated that the naira began the trading week on a bearish note, falling against the US dollar on both official and parallel markets. In the parallel market, the naira dropped N5 to trade at N1,380/$1, from N1,375/$1 previously. On the GTBank FX desk, the naira weakened by N1 to trade at N1,373/$1 against the dollar, opening the trading day at N1,372/$1.
The continued rise in external reserves is expected to provide a buffer against external shocks and support the naira's value in the coming weeks.
