Nigeria’s foreign exchange (FX) reserves rise to $51.03 billion, the highest level in 17 years, according to data from the Central Bank of Nigeria (CBN). The new figure, reported as of Thursday, is also described as the highest since the beginning of the year under CBN Governor Olayemi Cardoso’s administration. The reserves increase by about 3.76%—or $1.85 billion—from $49.18 billion reported on April 1, marking a steady climb through the second quarter, reaching above $50 billion earlier in the period. Before crossing $51 billion, reserves are reported at $50.11 billion on June 5 and $50.01 billion on March 10.
One account links the rise to a March review of payment methods for international money transfer operators (IMTOs). CBN directs IMTOs to open naira settlement accounts and route remittance transactions through them, meaning diaspora recipients begin receiving payments in naira from May rather than in dollars. The central bank says the policy is part of ongoing efforts to strengthen the remittance framework introduced in revised guidelines issued in January 2024. A separate report also notes naira depreciation against the U.S. dollar alongside the reserves increase.
