Nigeria’s external reserves recover after April pressure, rise by $551m in May

NIGERIA’S external reserves posted a strong recovery in May 2026, gaining about $551 million within the first three weeks of the month after suffering persistent declines throughout April.

Fresh data released by the Central Bank of Nigeria (CBN) showed that the country’s gross external reserves rose from $48.34 billion on May 4 to $48.89 billion as of May 21, 2026.

The latest increase points to renewed stability in Nigeria’s foreign exchange (FX) market and an improvement in the country’s external liquidity position after weeks of pressure linked to FX interventions and debt obligations.

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The rebound followed a challenging April during which the reserves dropped steadily amid external debt repayments, FX market interventions and broader global economic pressures.

Breakdown of the reserves movement

Figures from the apex bank showed that reserves opened April at $49.18 billion before declining to $48.94 billion by April 7.

The reserves position weakened further to $48.63 billion by April 17 and eventually settled at $48.36 billion at the end of the month.

However, May brought a reversal in trend as reserves climbed gradually from $48.34 billion on May 4 to $48.89 billion by May 21, reflecting a recovery of more than half a billion dollars within the period.