Nigeria’s foreign reserves increase by over $1 billion in two weeks

Nigeria’s foreign reserves grew by more than $1 billion in the first half of June 2026, continuing the positive trend seen in May.

According to data from the Central Bank of Nigeria (CBN), the country’s external reserves increased from $49.80 billion on June 1 to $50.81 billion on June 15, an increase of about $1.01 billion within two weeks.

This follows a strong performance in May, when reserves rose by about $1.22 billion, showing continued growth in foreign exchange inflows and stronger external liquidity.

Steady Growth Throughout June

The CBN data shows that reserves increased steadily during the first half of June:

June 1: $49.80 billion

June 2: $49.88 billion

June 3: $49.96 billion

June 4: $50.04 billion

June 5: $50.12 billion

June 8: $50.27 billion

June 9: $50.35 billion

June 10: $50.43 billion

June 11: $50.51 billion

June 15: $50.81 billion

The reserves grew by about 2% in the first 15 days of June, one of the strongest short-term increases recorded this year.

Comparison with Previous Months

The growth becomes more noticeable when compared to earlier months:

Reserves stood at $48.58 billion on May 15, 2026, meaning they increased by $2.24 billion within a month.

On April 15, 2026, reserves were $48.68 billion, showing a rise of about $2.06 billion over two months.

The reserves crossed the $50 billion mark during the first week of June and have continued to rise since then.

CBN Governor Olayemi Cardoso said in May that the strong reserve position helps boost investor confidence and supports exchange rate stability.

What This Means

Nigeria’s foreign reserves have been rising in recent months alongside improvements in the foreign exchange market.

Although reserves dropped from over $50.08 billion in March to $49.61 billion later that month, they have since recovered strongly.

The growth is linked to foreign exchange reforms introduced by the administration of Bola Ahmed Tinubu and the Central Bank.

The improvement in reserves has also coincided with greater stability in the naira. The naira closed May 2026 at ₦1,372 per dollar at the official market, compared to ₦1,585.50 per dollar in May 2025.

Overall, Nigeria’s foreign reserves have increased by more than $11 billion over the past year, strengthening the country’s ability to support its currency and meet external financial obligations.