Nigeria's External Reserves Reach $52.73 Billion in July

On July 9, 2026, Nigeria's external reserves hit $52.73 billion, up from $48.88 billion in January 2026, as reported by Mr. Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), during a Senate Committee meeting. This 7.9 percent increase indicates stronger external reserve accumulation and a positive economic outlook.

Cardoso attributed this growth to restored confidence in the foreign exchange market. He noted that gross external reserves rose significantly, while net external reserves surged by 900 percent to over $40 billion from $3.99 billion in 2023.

The CBN's achievements included mobilizing N4.65 trillion from the Banking Sector Recapitalisation Programme in March 2026, with 72.55 percent of the capital raised from domestic investors. The CBN also reported that 33 banks met revised capital requirements.

Despite inflation rising to 15.93 percent in May 2026, the Monetary Policy Committee reduced the Monetary Policy Rate from 27 percent to 26.5 percent in February 2026. Senator Adetokunbo Abiru commended the CBN for its efforts in maintaining exchange rate stability.