Nigeria's External Reserves Rise to $48.54 Billion

As of May 14, 2026, Nigeria's gross external reserves have risen to $48.54 billion, marking a $10.2 billion increase compared to the same period last year. This recovery of $218 million over the past week demonstrates a positive trend in the country's foreign currency buffer, as reported by the Central Bank of Nigeria (CBN).

The reserves increased from $48.33 billion on May 7 to $48.54 billion, reflecting renewed dollar inflows and improvements in the external liquidity position amid ongoing reforms in the foreign exchange market. Despite this increase, the reserves remain slightly below the $48.70 billion recorded on April 14, indicating a marginal decline of $156 million (0.3 percent) on a month-to-month basis.

However, the reserves have shown a significant year-on-year growth of approximately 26.8 percent, rising from $38.30 billion in the corresponding period of 2025. This growth underscores improvements in Nigeria's external earnings profile, supported by increased foreign portfolio inflows, higher diaspora remittances, improved oil export receipts, and tighter monetary policies that boost investor confidence in naira assets.