Nigeria’s external reserves increased by approximately $1.22 billion in May 2026, closing the month at $49.58 billion. This growth reflects continued expansion in the nation's foreign exchange buffers, supported by ongoing economic reforms, stronger FX inflows, and the monetary authorities' efforts to stabilize the foreign exchange market.

Data from the Central Bank of Nigeria (CBN) indicates that gross external reserves rose from $48.36 billion as of April 30, 2026, to $49.58 billion on May 29, 2026. This represents a month-on-month increase of about 2.5%.

The reserve position crossed the $49 billion mark on May 25 and continued its upward trend through the end of the month. The sustained increase highlights improving confidence in Nigeria’s macroeconomic outlook and the resilience of the country’s external sector.

Compared to May 2025, when reserves stood at $38.47 billion, the current level of $49.58 billion represents a year-on-year increase of approximately $11.11 billion, a growth rate of nearly 29%. Compared to May 2024, when reserves were $32.70 billion, Nigeria has added approximately $16.88 billion.

The CBN Governor stated in May that this strong buffer continues to reinforce investor confidence in the Nigerian economy and support exchange rate stability. This growth in external reserves coincides with recent improvements in the foreign exchange market, where the naira has maintained relative stability.

The naira closed May 2026 at N1,372/$ at the official market, a significant appreciation from N1,585.50/$ in May 2025. This strengthening of the naira is partly attributed to the foreign exchange reforms introduced by the Central Bank of Nigeria under President Bola Ahmed Tinubu’s administration.