Central Bank of Nigeria (CBN) Economic Report for May has reported a rise in the External Reserves of the country to $49.58 billion May 29, from the $48.36 recorded in April, this year.

According to the CBN, the figure represents an increase by about $1.22 billion, indicating a jump from $48.36 billion at the end of April, representing a 2.5% increase within one month.

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The increase reflects stronger foreign exchange inflows, ongoing economic reforms, and efforts by the CBN to stabilize the foreign exchange market.

The report highlighted that the country’s reserves grew from $48.34 billion on May 4 to $49.58 billion on May 29, 2026, and also crossed the $49 billion mark on May 25 and continued rising.

The latest figure is one of the highest reserve levels recorded in recent years and brings the country close to the $50 billion milestone.

Higher reserves improve Nigeria’s ability to meet foreign obligations and support the stability of the naira.

On a year-on-year growth rate, the country’s external reserves stood at $38.47 billion on May 29, 2025.

Compared to that period, reserves have increased by about $11.11 billion, representing a growth rate of nearly 29 per cent over the past year.

Compared to May 2024, when reserves were $32.70 billion, Nigeria has added approximately $16.88 billion.

It would be recalled that Nigeria’s external reserves briefly exceeded $50 billion in March 2026 before falling to $49.61 billion later that month.