By Ayo Kehinde
Nigeria’s external reserves increased by more than $1 billion in the first half of June 2026, extending the gains recorded in May and strengthening the country’s foreign exchange buffers.
Data from the Central Bank of Nigeria (CBN) showed that gross external reserves rose from $49.80 billion on June 1 to $50.81 billion as of June 15, representing an increase of about $1.01 billion within two weeks.
The latest build-up follows a strong performance in May, when reserves expanded by about $1.22 billion, reflecting sustained foreign exchange inflows and improved external liquidity.
CBN data indicate that reserves maintained a steady upward trend throughout the first half of June. The balance rose from $49.88 billion on June 2 to $49.96 billion on June 3 before crossing the $50 billion mark in the first week of the month. Reserves continued to climb, reaching $50.27 billion on June 8, $50.43 billion on June 10, and eventually $50.81 billion on June 15.
Overall, the reserve position increased by about 2 percent during the first 15 days of June, making it one of the strongest short-term improvements recorded this year.
A comparison with previous months underscores the pace of reserve accumulation. External reserves stood at $48.58 billion on May 15, indicating an increase of about $2.24 billion over one month. Compared with the $48.68 billion recorded on April 15, reserves have grown by roughly $2.06 billion over two months.
The sustained increase comes amid improving conditions in Nigeria’s foreign exchange market and follows reforms introduced by the CBN to improve liquidity and boost investor confidence.
The growth in reserves has also coincided with relative stability in the naira, which closed May 2026 at ₦1,372/$ at the official market, compared with ₦1,585.50/$ in May 2025. Overall, Nigeria’s external reserves have gained more than $11 billion over the past year, providing a stronger buffer against external shocks and supporting exchange rate stability.
