Crude oil tax inflows lift Nigeria’s external reserves to $52.5bn, says Cardoso

NIGERIA’S gross external reserves climbed to $52.52 billion as of July 17, 2026, driven largely by increased receipts from crude oil-related taxes and third-party inflows, according to the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso.

Cardoso disclosed this on Tuesday while addressing journalists after the Monetary Policy Committee (MPC) meeting in Abuja. He said the reserves increased from $50.47 billion recorded at the end of May, reflecting stronger inflows into the country’s external accounts.

\”Gross external reserves rose to $52.52 billion as of July 17, 2026, from $50.47 billion as at end-May 2026, mainly as a result of receipts from crude oil-related taxes and third-party inflows,” the CBN governor said.

He noted that the current reserve level can finance about 11 months of imports of goods and services, far exceeding the global benchmark of three months’ import cover.

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According to Cardoso, the stronger reserve position demonstrates the resilience of Nigeria’s external sector and provides a more robust cushion against potential external economic shocks.

However, figures published on the CBN’s website show a slightly different trend. The data indicate that the country’s external reserves rose progressively throughout the month, reaching $52.02 billion on July 20, while the reserve level on July 17 stood at $51.94 billion, lower than the $52.52 billion cited by the CBN governor.

Also, it was not clear whether the figure was for gross or net reserves. Foreign exchange reserves are assets held on reserve by a monetary authority in foreign currencies.

Gross foreign reserves represent the total foreign currency assets owned and controlled by a country’s central bank. Net foreign reserves, on the other hand, deduct the central bank’s short-term foreign liabilities, according to the International Monetary Fund (IMF).