Nigeria’s External Reserves Rise to $49.34 Billion as Naira Holds Firm

Nigeria’s external reserves have continued their upward trajectory, rising to $49.34 billion as the naira remained largely stable against the United States dollar, reinforcing confidence in the country’s economic management.

Reserves Near $50 Billion Milestone

The latest data from the Central Bank of Nigeria (CBN) shows external reserves climbing to $49.34 billion as of May 31, 2026, bringing the country within striking distance of the $50 billion threshold — a significant psychological and economic milestone.

The increase is attributed to stronger crude oil earnings, sustained foreign portfolio inflows, and rising remittances from the Nigerian diaspora. The stable foreign exchange market has also contributed to the steady accumulation of reserves.

Naira Stability Maintained

The naira remained largely stable against the dollar in official FX markets, despite reduced trading volumes during the period. Market analysts say the improved reserves position gives the CBN more capacity to defend the currency and meet import demand.

Across Africa, external positions also improved moderately. South Africa’s international liquidity position rose by $570 million to $73.8 billion, while Egypt’s net external reserves increased by $170 million during the same period.

Food Import Data

Meanwhile, Nigeria spent approximately $2.34 billion on food imports in 2025, according to the latest data released by the CBN. Figures contained in the apex bank’s Quarterly Statistical Bulletin show demand strengthened in the second half of the year.

Foreign exchange utilized for food imports climbed to $229.70 million in July, moderated to $175.55 million in August, and surged to $248.60 million in September 2025, reflecting seasonal patterns in agricultural demand.

Economists say the approaching $50 billion mark signals improving investor confidence and Nigeria’s growing capacity to meet its external obligations without stress.