ABUJA, May 25 – Nigeria’s foreign exchange reserves rebounded by about $551 million in the first three weeks of May, reversing losses recorded in April amid renewed stability in the country’s external position.
Latest data released by the Central Bank of Nigeria showed gross external reserves climbed from $48.34 billion on May 4 to $48.89 billion as of May 21, 2026. The recovery followed weeks of pressure linked to foreign exchange interventions, external debt obligations and broader global market volatility.
The reserves had opened April at $49.18 billion before falling steadily throughout the month. By April 7, reserves had declined to $48.94 billion and later dropped to $48.63 billion by April 17. The downward trend continued to the end of the month, with reserves closing April at $48.36 billion.
The rebound in May marks a turnaround after reserves lost roughly $855 million over a five-week stretch earlier in the year. Nigeria’s reserves had also fallen from more than $50.08 billion on March 12 to $49.61 billion by March 23, according to earlier data.
Speaking after the latest Monetary Policy Committee meeting, Central Bank Governor Olayemi Cardoso said the reserve position remained a key support for investor confidence and exchange-rate stability.
“This strong buffer continues to reinforce investor confidence in the Nigerian economy and support exchange rate stability,” Cardoso said.
The CBN governor had earlier argued during the IMF Spring Meetings in April that short-term reserve movements should not trigger excessive concern, noting that such fluctuations are common in modern financial markets.
Nigeria’s reserves have improved over the past year following foreign exchange reforms introduced under President Bola Ahmed Tinubu’s administration. The central bank has also projected reserves could rise to $51 billion by the end of 2026.
