Nigeria's Foreign Reserves Rise by $551 Million in May

Nigeria's foreign reserves experienced a significant rebound, increasing by $551 million within three weeks, rising from $48.34 billion on May 4 to $48.89 billion on May 21, 2026. This recovery follows a period of decline throughout April, where reserves weakened due to persistent foreign exchange interventions, external debt payments, and broader global market pressures.

Central Bank of Nigeria (CBN) data indicated that reserves had steadily declined in April but began to recover strongly in May. CBN Governor Olayemi Cardoso described the improved reserves position as a key source of investor confidence.

During a press briefing at the end of the International Monetary Fund (IMF) Spring Meeting in April, Cardoso remarked that Nigeria's reserves often overreact to minor fluctuations. The previous report indicated reserves were at $49.61 billion on March 12, 2026.

Additionally, reserves had increased by $509 million within the first 22 days of January 2026, reflecting improved foreign exchange inflows due to reforms introduced under President Bola Ahmed Tinubu's administration.