Nigeria’s foreign exchange reserves rise to about $51bn, 17-year high

Nigeria’s external reserves rose to $51.06bn above CBN target, strengthening naira across FX markets as MPC members express optimism over continued stability.

Nigeria's external reserves reached a 17-year high of $51.04 billion in June 2026, even as the naira slipped against the dollar. The post Nigeria’s Reserves Hit a 17-Year High of $51 Billion appeared first on The Rio Times.

Nigeria’s external reserves rose to $50.96 billion, the highest since 2009, despite mild naira depreciation across FX markets amid weaker dollar inflows.

 Nigeria’s foreign exchange (FX) reserves rose to $51.03 billion on Thursday, the highest level since January 20, 2009, according to data obtained from the Central Bank of Nigeria (CBN).   The figure also represents the highest since the beginning of the year, under Olayemi Cardoso,  governor of CBN’s administration.   On January 20, 2009, the FX reserves was $51.07 billion.   The data showed that the foreign reserves increased steadily by 3.76 percent or $1.85 billion, from $49.18 billion reported on April 1, the start of the second quarter (Q2), to $51.03 billion on June 18.     Prior to this, Nigeria’s external reserves crossed the $50 billion threshold on March 10, when it stood at $50.01 billion, and continued to rise in subsequent months, reaching $50.11 billion on June 5 before climbing above $51 billion   The increase followed a review in payment method of the international money transfer operators (IMTOs) in March.   CBN directed all IMTOs to open naira settlement accounts and route all remittance transactions through them, resulting in recipients of diaspora remittances receiving payments in the local currency from May.   The directive ended decades of dollar payments to Nigerians when relatives abroad send money home.   CBN said the directive is part of ongoing efforts to strengthen the remittance framework introduced in its revised guidelines for international money transfer services issued in January 2024.

Nigeria’s foreign reserves have reached a 17-year high of $51.03 billion despite the naira depreciating significantly against the United States dollar. The Central Bank of Nigeria’s data showed that the Nigerian naira significantly depreciated to N1,370.46 on Friday against the United States dollar. Friday’s depreciation at the official foreign exchange market is the highest in […] Nigeria’s foreign reserves reach 17-year high of $51.03bn amid Naira depreciation