Nigeria’s external reserves rise to $52.52bn, says CBN gov

Nigeria's foreign exchange reserves have seen a notable increase, reaching $52.52 billion as of July 17, according to Yemi Cardoso, the Governor of the Central Bank of Nigeria (CBN). This growth represents an improvement from the $50.47 billion recorded at the end of May.

Cardoso attributed the rise primarily to revenue generated from crude oil-related taxes and other third-party inflows. He highlighted that the current reserve level is robust enough to finance approximately 11 months of Nigeria's imports of goods and services, comfortably surpassing the international benchmark of three months' cover.

During the presentation of a communique from the CBN's Monetary Policy Committee meeting, Cardoso also provided updates on inflation and economic growth. Headline inflation saw a marginal easing to 15.91% year-on-year in June, down from 15.93% in May. This moderation was driven by a decrease in the non-food component, which offset a rise in food inflation. Core inflation also moderated to 15.92% in June, reflecting exchange rate stability.

Furthermore, Nigeria's real Gross Domestic Product (GDP) expanded by 3.89% in the first quarter of 2026, a slight decrease from the previous quarter's 4.07%. The non-oil sector remained resilient, growing by 3.94%, supported by key sub-sectors like telecommunications, financial services, and trade. The oil sector experienced a decline in growth rate due to facility maintenance. Recent economic activity indicators, such as the Purchasing Managers' Index, show a slight improvement, suggesting continued resilience in economic output.

“

This is sufficient to finance approximately 11 months of imports of goods and services, surpassing the international benchmark of three months cover.