External Reserves Reach $51 Billion, Up $13.3 Billion Over the Past Year

Nume Ekeghe

Nigeria’s gross external reserves have surpassed the $51 billion threshold, rising by $13.3 billion over the last 12 months as the country’s external position strengthens and confidence in its foreign‑exchange market grows.

According to data released by the Central Bank of Nigeria (CBN), gross external reserves stood at $51.04 billion on 18 June 2026, compared with $37.74 billion on the same date in 2025. This represents a year‑on‑year increase of $13.30 billion, or 35.2 percent.

Since reaching $48.32 billion on 6 May 2026, the reserves have followed an uninterrupted upward trend, adding roughly $2.72 billion over the preceding six weeks to cross the $51 billion mark. The latest rise comes shortly after THISDAY reported that the reserves had hit their highest level in 17 years, underscoring the strength of the current accumulation cycle.

A review of the reserves over the past year shows that in June 2025 they fluctuated narrowly between $37.66 billion and $37.74 billion before closing the month at $37.21 billion.

The first significant acceleration occurred in July 2025, when reserves climbed from a monthly low of $37.18 billion to a high of $39.36 billion, crossing the $39 billion mark for the first time during the review period.

Momentum strengthened further in August 2025 as reserves rose from $39.81 billion to $41.31 billion, surpassing the $41 billion threshold.

By September, the buffer expanded again, moving between $41.42 billion and $42.35 billion, while October saw reserves climb from $42.41 billion to $43.20 billion.

The upward trend continued through November 2025, when reserves traded within a range of $43.26 billion to $44.67 billion, before reaching a new band of $44.86 billion to $45.50 billion in December.

The pace of accumulation remained firm in January 2026, with reserves rising from $45.57 billion at the start of the month to a high of $46.28 billion.

February marked one of the strongest monthly increases during the period under review. Reserves surged from a monthly low of $46.59 billion to $49.69 billion, a gain of more than $3 billion in a single month.

That momentum carried into March 2026, when reserves briefly crossed the $50 billion threshold, touching a high of $50.03 billion before easing slightly toward month‑end.

April witnessed a mild correction, with reserves moving between $48.36 billion and $49.18 billion, while May saw renewed growth as reserves advanced from $48.34 billion to $49.58 billion.

The most significant breakthrough occurred in June 2026. Reserves started the month at $49.80 billion, crossed the $50 billion mark during the first week, and eventually reached $51.04 billion by 18 June, establishing a new high.