Nigeria’s Foreign Reserves rose to $51.89bn as inflation eased to 15.91% in June, according to the Central Bank of Nigeria and NBS

Nigeria’s foreign reserves have climbed to $51.89 billion, their highest level in more than a decade, while the country’s headline inflation rate eased to 15.91 per cent in June, according to new data from the Central Bank of Nigeria and the National Bureau of Statistics.

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The latest figures indicate continued improvement in Nigeria’s external financial position, with gross reserves increasing by about 45 per cent from $35.70 billion recorded during the same period in 2025.

Central Bank of Nigeria data showed the reserve position has also surpassed the previous peak of about $48.47 billion recorded in June 2013. The latest figure represents a significant recovery from October 2016, when reserves fell to $23.89 billion during an economic downturn driven by low global crude oil prices and foreign exchange shortages.

According to the apex bank, the reserves increased by more than $1 billion over the past month, rising from $50.81 billion on 15 June 2026 to $51.89 billion by mid-July.

The CBN said $51.27 billion of the reserves remain readily available to meet Nigeria’s foreign exchange obligations and import needs, while only about $621.7 million, or 1.2 per cent, is classified as blocked funds.

The stronger reserve position coincided with a further easing in inflationary pressures.

Data released by the National Bureau of Statistics showed headline inflation slowed marginally to 15.91 per cent year-on-year in June from 15.93 per cent in May. Core inflation also moderated, falling from 16.82 per cent to 15.92 per cent, while month-on-month inflation eased to 1.66 per cent.

The figures suggest that consumer price pressures are gradually moderating after several years of elevated inflation, providing an encouraging signal for households and businesses.

Analysts said the combination of rising foreign reserves and softer inflation points to improving macroeconomic stability and reflects the impact of recent monetary policy measures.

“The combination of a near-$52bn reserve and moderating inflation proves that Nigeria is finally building a resilient fiscal shield while successfully cooling domestic price pressures,” a financial analyst said.

The latest data adds to signs of a gradual recovery in Africa’s largest economy following years of currency volatility, inflationary pressure and external financing challenges.

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Economists, however, say sustaining the gains will depend on continued foreign exchange reforms, stable oil earnings, stronger non-oil exports and disciplined fiscal management.