Nigeria’s gross external reserves climbed to $49.49 billion as of May 15, up from $48.35 billion at the end of March, Central Bank of Nigeria (CBN) Governor Olayemi Cardoso said, pointing to a stronger foreign-exchange buffer and improved investor confidence.
Cardoso said the reserve level provides import cover of 9.04 months for goods and services, offering support for exchange-rate stability even as global inflation risks remain elevated.
Buffer Strength
The reserve build-up gives policymakers more room to manage external pressures tied to tighter financial conditions, geopolitical tensions and energy-market disruptions. It also helps reduce near-term concern over Nigeria’s ability to meet import needs and defend the naira.
Cardoso said the larger reserve stock reinforces confidence in the economy at a time when global growth is expected to slow in 2026 relative to 2025. That backdrop suggests Nigeria may still face volatility, but with a more comfortable external cushion than earlier in the year.
Follow the MoneyCentral Nigeria channel on WhatsApp: Click here!
