Nigeria’s foreign exchange reserves experienced a strong rebound in May 2026, gaining approximately $551 million within the first three weeks of the month. This recovery follows a period of sustained pressure and decline throughout April.

Data released by the Central Bank of Nigeria (CBN) indicates that gross external reserves increased from $48.34 billion on May 4 to $48.89 billion as of May 21, 2026. This movement reflects an improvement in Nigeria’s external liquidity position and growing confidence in the foreign exchange market.

The recovery in May contrasts with the trend observed in April, where reserves weakened consistently. This decline was attributed to persistent foreign exchange interventions, external debt payments, and broader global market pressures.

Specific data shows that external reserves stood at $49.18 billion on April 1, before declining to $48.94 billion by April 7. The reserves position further dropped to $48.63 billion by April 17 and continued to fall to $48.36 billion by April 30.

However, the trend reversed in May, with reserves climbing steadily. From $48.34 billion on May 4, they rose to $48.89 billion by May 21, marking a gain of over half a billion dollars in that short timeframe.

Speaking after the latest Monetary Policy Committee (MPC) meeting, CBN Governor Olayemi Cardoso described the reserve position as a key indicator. He stated, “This strong buffer continues to reinforce investor confidence in the Nigerian economy and support exchange rate stability.”

Earlier in April, during a press briefing at the end of the International Monetary Fund (IMF) Spring Meetings, Governor Cardoso commented on reserve figures, suggesting that Nigerians sometimes overreact to relatively minor movements in reserve data.