Nume Ekeghe
Nigeria’s gross external reserves have crossed the $51 billion mark gaining $13.3 billion over the past 12 months due to the country’s strengthening external position and growing confidence in its foreign exchange market.
Data from the Central Bank of Nigeria (CBN) showed that gross external reserves rose to $51.04 billion as of June 18, 2026, compared with $37.74 billion recorded on June 18, 2025. The latest figure represents a year-on-year increase of $13.30 billion, translating to a 35.2 per cent growth over the period.
Since touching $48.32 billion on May 6, 2026, Nigeria’s external reserves have recorded an unbroken upward streak, gaining roughly $2.72 billion over the past six weeks to cross the $51 billion mark. The latest increase comes shortly after THISDAY reported that the reserves had reached their highest level in 17 years, underscoring the strength of the ongoing accumulation cycle.
A year’s review on the reserves shows that in June 2025, reserves stood within a narrow band of between $37.66 billion and $37.74 billion before closing the month at $37.21 billion.
The first significant acceleration occurred in July 2025, when reserves rose from a monthly low of $37.18 billion to a high of $39.36 billion, crossing the $39 billion mark for the first time during the review period.
Momentum strengthened further in August 2025 as reserves advanced from $39.81 billion to $41.31 billion, pushing above the $41 billion threshold.
By September, the buffers expanded again, moving between $41.42 billion and $42.35 billion, while October saw reserves climb from $42.41 billion to $43.20 billion.
The upward trend continued through November 2025, when reserves traded within a range of $43.26 billion to $44.67 billion, before reaching a new band of $44.86 billion to $45.50 billion in December.
The pace of accumulation remained firm in January 2026, with reserves rising from $45.57 billion at the beginning of the month to a high of $46.28 billion.
February marked one of the strongest monthly increases during the period under review. Reserves surged from a monthly low of $46.59 billion to $49.69 billion, representing a gain of more than $3 billion within a single month.
That momentum carried into March 2026, when reserves briefly crossed the $50 billion threshold, touching a high of $50.03 billion before easing slightly towards month-end.
April witnessed a mild correction, with reserves moving between $48.36 billion and $49.18 billion, while May saw renewed growth as reserves advanced from $48.34 billion to $49.58 billion.
The most significant breakthrough occurred in June 2026. Reserves started the month at $49.80 billion, crossed the $50 billion mark during the first week and eventually reached $51.04 billion by June 18, establishing a fresh high.
