Nigeria’s foreign reserves surpassed $50 billion in the first week of June, reaching $50.307 billion from $49.58 billion at the end of May 2026 and the highest value since March this year.
The Central Bank of Nigeria (CBN) in its latest data on the foreign reserves attributed the value addition in the foreign reserves to sustained FX receipts from key sources
According to the apex bank, the increase was due to additional $457 million in inflows reported since the beginning of June.
The data from the apex bank reflected that this year, Nigeria’s gross external reserves had increased by $4.535 billion, up from $45.502 billion in 2025.
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An analysis of the data based on various reports revealed that the improved inflows were due to improved earnings from oil and gas exports earnings, remittances and other related sources.
The data further revealed that since February 2026, Nigeria had earned increased FX from oil windfall as the US-Iran war spurred global energy crisis.
Based on the current whirlwinds in the global economic landscape, many ratings agencies predicted strong fiscal performance for Nigeria based on sustained increase in oil production, and higher oil prices over the past few months.
