Nigeria’s foreign exchange reserves recorded a fresh boost in May 2026, climbing by more than $551 million within three weeks as pressure on the country’s external liquidity position eased after a difficult April.
The News Chronicle reports that the latest figures released by the Central Bank of Nigeria showed the nation’s gross reserves increased from $48.34 billion on May 4 to about $48.89 billion by May 21, reflecting renewed confidence in the foreign exchange market and improving investor sentiment around the economy.
The rebound comes after weeks of decline, triggered by foreign exchange interventions, debt-servicing obligations, and global financial pressures, which dragged reserves lower throughout April. Data from the apex bank showed reserves dropped from $49.18 billion at the start of April to around $48.36 billion by the end of the month before recovering steadily in May.
CBN Governor Olayemi Cardoso described the reserve position as a major confidence booster for investors, insisting that temporary fluctuations should not create panic in the market. He maintained that Nigeria’s improving reserve buffer continues to support exchange rate stability and broader economic reforms introduced by the Tinubu administration.
The central bank had earlier projected that external reserves could rise to $51 billion before the end of 2026 as reforms continue to attract stronger foreign exchange inflows.
