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Nigeria’s external reserves rose to $52.02bn on July 20, marking their highest level since January 2009 and exceeding the Central Bank of Nigeria’s projected reserve target for the end of 2026.
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The country’s reserves have expanded by about $2.44bn since the end of May, driven by sustained gains in June and July amid stronger oil earnings
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Analysts say the stronger reserve position enhances Nigeria’s external buffers, boosts investor confidence, and provides additional support for the CBN’s efforts to stabilise the foreign exchange market and the naira.
July 22 , (THEWILL) — Nigeria’s external reserves have climbed to $52.02bn, exceeding the Central Bank of Nigeria’s projected reserve level for the end of 2026 and reaching their highest level in more than 17 years.
Latest data from the CBN showed that the reserves rose to $52.02bn on July 20, surpassing the apex bank’s 2026 forecast of about $51.04bn.
The latest figure also marks the country’s strongest reserve position since January 2009, when reserves stood at $52.01bn.
The milestone extends a steady upward trend in Nigeria’s foreign reserves, which increased from $51.45bn at the end of June, representing a gain of about $570m within the first three weeks of July.
Reserves maintain upward trajectory
The latest increase follows sustained growth recorded over the past two months as Nigeria’s external reserves continued to recover from earlier declines.
The reserves rose by about $1.22bn in May before adding nearly $1.9bn in June, bringing the total increase since the end of May to roughly $2.44bn.
Throughout July, the reserves maintained a gradual upward climb, rising from $51.53bn on July 3 to $51.94bn by July 17 before crossing the $52bn threshold three days later.
The continued accumulation of reserves provides a stronger external buffer for the economy and is expected to support the CBN’s efforts to improve liquidity in the foreign exchange market and sustain naira stability.
Oil earnings, investor confidence drive growth
Economic analysts attributed the reserve growth to improved crude oil earnings, stronger export performance, and increased foreign capital inflows.
Chief Executive Officer of Nisela Capital Limited, Dr. Jerry Igwilo, said rising international crude oil prices had boosted Nigeria’s foreign exchange earnings, strengthening the country’s reserve position.
He noted that the recent increase in oil prices, partly driven by geopolitical tensions in the Middle East, had translated into higher dollar inflows from crude oil exports.
Similarly, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr. Muda Yusuf, said stronger investor confidence and improved trade performance had also contributed to the growth in external reserves.
According to him, increased foreign portfolio investment and sustained trade surpluses have strengthened Nigeria’s foreign exchange position, reflecting growing confidence in the economy.
He added that the combination of stronger export earnings and rising capital inflows has helped improve the country’s reserve buffers, providing greater support for exchange rate stability and broader macroeconomic resilience.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
