Nigeria’s foreign reserves have surged to $51.04 billion, reaching their highest point in approximately 17 years and marking a significant milestone in the country’s ongoing economic recovery.

Data from the Central Bank of Nigeria confirmed that gross external reserves stood at $51,035,544,733.65 as of June 18, 2026 the strongest reserve position recorded since January 2009, when the figure last stood above that threshold at around $51.07 billion.

The achievement is particularly remarkable given the pace of accumulation. Reserves opened June at $49.80 billion and climbed steadily throughout the month, crossing the psychologically significant $50 billion mark in early June before surging further to the current level. The gain of over $1 billion within a single month reflects a combination of stronger oil revenues, improved diaspora remittances, and record capital inflows.

Nigeria attracted $10.37 billion in foreign capital in the first quarter of 2026 alone an 83.83% year-on-year increase and the highest quarterly figure since 2019.

The latest figure also means the CBN has already hit its own $51.04 billion reserve target set for the full year 2026 six months ahead of schedule. The target had been announced in December 2025 as part of the apex bank’s medium-term macroeconomic stabilisation strategy.

Analysts credit the Tinubu administration’s sweeping foreign exchange reforms, launched in mid-2023, with unifying exchange rate windows, improving transparency, and gradually restoring investor confidence. The official exchange rate, which stood at N1,535 to the dollar at the end of 2024, improved to N1,435 by the close of 2025.

Compared to the same period a year ago, Nigeria’s reserves have grown by nearly $13 billion a 34% year-on-year increase signalling a dramatic turnaround in the country’s external financial position.

Economists say the strong buffer provides critical cover against global economic shocks and gives the CBN greater capacity to defend the naira without sacrificing monetary policy flexibility.