Nigeria’s FX reserves hit $50.2bn, highest in 17 years

Nigeria’s external reserves rose to $50.26 billion on June 8, the highest in 17 years, data from the Central Bank of Nigeria (CBN) has showed. The Apex bank data showed the reserves had crossed the $50 billion mark March 10, hitting $50.01 billion as of June 5 before crossing to $50.2bn. The latest figure is […]

Nigeria’s external reserves rose to $50.26 billion on June 8, the highest in 17 years, data from the Central Bank of Nigeria (CBN) has showed.
The Apex bank data showed the reserves had crossed the $50 billion mark March 10, hitting $50.01 billion as of June 5 before crossing to $50.2bn.
The latest figure is the highest recorded since January 26, 2009, when external reserves stood at $50.58 billion.
It also represents a sharp increase from the $38.28 billion recorded on June 5, 2025, indicating a year-on-year rise of about 30.9 percent.
From $38.28 billion on June 5, 2025, reserves rose steadily through the second half of the year, closing July at $39.36 billion before increasing to $41.31 billion in August and $42.35 billion in September.
The upward trajectory continued in the final quarter of 2025, with reserves reaching $43.20 billion in October, $44.67 billion in November and $45.50 billion by December 31, 2025 and extended into 2026.
Reserves climbed to $46.28 billion at the end of January and surged to $49.69 billion by February 27 although the reserves declined slightly to $49.24 billion at the end of March and $48.36 billion by the end of April.
The data also showed that the reserves position strengthened consistently in recent weeks, rising from $48.98 billion on May 22 to $49.26 billion on May 25, $49.34 billion on May 26, $49.58 billion on May 29, $49.80 billion on June 1, $49.88 billion on June 2, $49.96 billion on June 3, $50.04 billion on June 4 and $50.11 billion on June 5.
The increase in foreign reserves comes amid ongoing reforms in the foreign exchange market, improved oil production levels, stronger diaspora remittances and efforts by monetary authorities to attract foreign capital inflows and bolster external liquidity.
…Despite reforms, millions still in poverty – IMF
Meanwhile, the International Monetary Fund said Nigeria’s reforms have strengthened economic stability and investor confidence, but maintauned that the reforms is yet ‌to reach millions of citizens and could be undermined by global shocks, including the Middle East conflict.
In its latest Article IV review, the Fund said reforms since 2023 under President Bola Tinubu – including fuel subsidy removal, tighter monetary policy and exchange rate liberalisation had ⁠rebuilt buffers and improved macroeconomic management.

 

However, the IMF cautioned that while the reforms were restoring investor confidence and stabilising the economy, they were also contributing to social strain, with poverty levels at 63% and millions facing food insecurity, underscoring a widening gap between macro gains and household realities.

 

The IMF said improved policy credibility and foreign exchange market functioning had helped Nigeria regain access to international capital markets and attract portfolio inflows, while ‌reducing ⁠risk premiums. The central bank says gross forex reserves are at $50 billion, the highest in 17 years.

 

But reliance on volatile foreign portfolio investment poses rollover risks, the IMF said, urging a shift towards a more stable, long-term capital such as ⁠foreign direct investment.

 

4.1% growth projected

 

Meanwhile the IMF has also projected growth at 4.1% this year, with the economy expanding faster at 4.3% in 2027.

 

Higher global oil ⁠prices may boost revenues for Africa’s biggest oil exporter, but they also push up domestic fuel and food costs, adding to inflation and poverty pressures, the IMF said.