Nigeria's External Reserves Reach $49.49 Billion in May

Nigeria's external reserves rose to $49.49 billion as of May 15, 2026, marking a rebound from $48.35 billion at the end of March 2026, as disclosed by Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), during a press briefing following the Monetary Policy Committee (MPC) meeting. The latest increase signals easing pressure on monetary authorities and aims to stabilize the exchange rate while managing external obligations.

Despite a decline of $855 million over five weeks, the current reserves level remains strong enough to cover nine months of imports. Cardoso dismissed concerns over the recent decline, stating that fluctuations are not unusual in the current market environment.

He emphasized that Nigeria's foreign exchange buffer is adequate to support macroeconomic stability and investor confidence. The improvement in reserves is linked to ongoing reforms in the foreign exchange market, which aim to enhance transparency and boost inflows.