Nigeria’s foreign ‎exchange reserves surged to a record 17-year high of $51.04 billion on June 18, 2026, according to latest data from the Central Bank of Nigeria (CBN), Friday.

It would be recalled that the country’s reserves was at about $51.07 billion on January 20, 2009.

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The development comes amid last week’s advice by the International Monetary Fund (IMF) to the CBN to slow the pace of foreign reserve accumulation based on its Real Effective Exchange Rate (REER) assessment of the naira as being undervalued by as much as 25 per cent.

The Fund had further told the CBN to continue to allow the two-way movement in the foreign exchange market.

Meanwhile, explaining the surge in the country’s foreign reserves, the CBN said it was largely driven by improved oil revenues, sustained foreign exchange inflows and ongoing monetary reforms.

Nigeria’s foreign reserves have maintained an upward trend in recent times, rising from $49.80 billion on June 1 to $50.81 billion on June 15.

The current figure of $51.04bn represents a rise of more than $1 billion during the first half of June. It also means that between June 1 and June 18, the reserves increased by about 2.5 per cent or $1.24 billion.
The country’s reserves had also increased by $1.22 billion last month.

CBN had forecast that Nigeria’s external reserves would rise to about $51.04 billion during 2026.

The projection was anchored on stronger oil earnings, foreign exchange market reforms and improved external capital inflows.

Given the latest data, it means that the regulator has already met its projection.

Commenting on the strengthening reserves position, CBN Governor, Olayemi Cardoso, had, in May, stated that: “This strong buffer continues to reinforce investor confidence in the Nigerian economy and support exchange rate stability.”

Economists posit that the strong level of foreign exchange reserves will enhance the CBN’s capacity to support exchange rate stability and meet external obligations.

Meanwhile, the IMF had, last week, in its newly-released Article IV consultation report on Nigeria, said its Real Effective Exchange Rate (REER) model showed the naira was still trading below levels justified by the country’s economic fundamentals.

The REER measures the value of a currency against those of major trading partners after adjusting for inflation.

The IMF then advised the CBN to slow the pace of foreign reserve accumulation while continuing to allow two-way movement in the foreign exchange market.

“Given the assessed REER undervaluation, slowing the pace of reserve accumulation and continuing to allow 2-way movement of the naira exchange rate combined with strengthening FX market functioning and advancing and supporting fiscal and structural reforms, particularly those that can improve non-oil/gas imports, would help close the gap,” the fund said.

The IMF added that continued reforms aimed at improving market functioning, strengthening fiscal management and supporting non-oil sectors would help narrow the exchange rate misalignment and strengthen Nigeria’s external position.