Nigeria's External Reserves Rise to $49.34 Billion

The Central Bank of Nigeria (CBN) reported that Nigeria's gross official foreign reserves increased by $359.84 million week-on-week, reaching $49.34 billion as of May 26, 2026. This growth is attributed to steady inflows from crude oil exports and efforts by the monetary authority to strengthen the foreign exchange market.

The naira appreciated by 0.16% during the review period, closing at N1,373.25 per dollar, compared to N1,375.45 the previous week. The currency traded within a narrow band of N1,372 to N1,377, suggesting reduced volatility and improved market equilibrium.

Despite these positive developments, challenges remain, including fluctuations in global oil prices and potential portfolio investment outflows. The CBN's ongoing reforms aim to deepen market liquidity and enhance investor confidence, with expectations that reserves will strengthen Nigeria's import cover and ability to meet external obligations.