External Reserves Rebound to $48.54bn After Week-long Rally, Up $10.2bn YoY

Nume Ekeghe

Nigeria’s gross external reserves rose to $48.54 billion on May 14, 2026, extending a week-long recovery that added over $218 million to the country’s foreign currency buffer and reinforcing signs of improving external liquidity amid sustained reforms in the foreign exchange market.

Latest data from the Central Bank of Nigeria (CBN) showed that reserves increased steadily from $48.33 billion recorded on May 7 to $48.54 billion as of May 14, reflecting renewed dollar inflows into the economy and easing pressure on the nation’s external position.

The development comes at a critical period for the Nigerian economy as monetary authorities continue efforts to stabilise the naira, deepen confidence in the foreign exchange market and attract offshore capital back into local assets.

A breakdown of the figures showed that the reserves gained approximately $218 million within one week, translating to an average daily accretion of more than $31 million over the period under review.

On a month-on-month basis, however, reserves remained slightly below the $48.70 billion recorded on April 14, indicating a marginal decline of about $156 million or 0.3 per cent over the one-month period. 

However, the reserves have risen by about $10.25 billion compared to the $38.30 billion recorded in the corresponding period of 2025, representing a year-on-year increase of roughly 26.8 per cent.

The sharp annual growth underscores the improvement in Nigeria’s external earnings profile over the past 12 months, supported by increased foreign portfolio inflows, higher diaspora remittances, improved oil export receipts and tighter monetary policy conditions that boosted investor appetite for naira assets.