Nigeria’s foreign exchange reserves recorded a notable recovery in May 2026, increasing by approximately $551 million within the first three weeks of the month, according to data released by the Central Bank of Nigeria.
Figures from the apex bank showed that gross external reserves rose from $48.34 billion on May 4 to $48.89 billion as of May 21, 2026. The improvement signals a strengthening external liquidity position and improved sentiment in the foreign exchange market.
The rebound follows a challenging April period during which reserves came under sustained pressure, driven by ongoing FX market interventions, external debt service obligations, and global financial market headwinds.
Earlier data indicated a steady decline in reserves from over $50.08 billion on March 12 to $49.61 billion by March 23, 2026, reflecting heightened outflows during that period. However, the trend briefly improved in January 2026, when reserves gained about $509 million within the first 22 days, supported by stronger FX inflows. Over the past year, Nigeria’s external reserves have shown periods of resilience, underpinned by foreign exchange reforms introduced by the Central Bank under the current administration of President Bola Ahmed Tinubu, which have contributed to improved market confidence and more stable capital inflows
