By favour Pius
Nigeria’s external reserves climbed to $49.49 billion in May 2026, marking a significant rebound in the country’s foreign exchange position, Governor of the Central Bank of Nigeria, Olayemi Cardoso, has disclosed.
Cardoso said the increase in reserves reflected improved foreign exchange inflows, stronger investor confidence and ongoing monetary reforms aimed at stabilising the economy.
He noted that the reserve growth would enhance the nation’s capacity to meet external obligations, support exchange rate stability and provide a buffer against global economic shocks.
The apex bank governor explained that recent policy measures introduced by the CBN had begun yielding positive results, particularly in restoring confidence in Nigeria’s foreign exchange market and attracting portfolio investments.
According to him, the rebound in reserves also underscores the resilience of the Nigerian economy despite prevailing global uncertainties and domestic economic challenges.
Analysts say the improvement in external reserves could strengthen the naira and boost the country’s import cover, while also improving Nigeria’s credit outlook among international investors.
The development comes amid ongoing efforts by the Federal Government and the CBN to deepen fiscal and monetary reforms targeted at sustaining macroeconomic stability and economic growth.
