Nigeria Foreign Reserves Hit 51 Billion Dollars, Highest in 17 Years

ABUJA — Nigeria’s foreign exchange reserves rose to 51.04 billion dollars this week, the highest level in 17 years, according to figures released by the Central Bank of Nigeria on Friday.

The climb marks a steady recovery after years of pressure on the naira and signals improved confidence among foreign investors. Analysts linked the gain to stronger oil receipts and renewed portfolio inflows into Nigerian bonds.

Investors Return to Nigerian Bonds

Foreign investors poured 3.3 billion dollars into Nigerian bonds in the first quarter of 2026 alone, drawn by high interest rates and growing trust in the foreign exchange market. That inflow added directly to the reserve buildup.

A senior CBN official said the bank would keep its tight monetary policy in place to protect the gains. “Our priority remains a stable exchange rate that supports trade and investment,” the official said during a briefing in Abuja.

Economists say the improved reserve position gives the apex bank more room to defend the naira during periods of global market stress. It also strengthens Nigeria’s ability to meet import obligations without sharp currency swings.

Caution Remains Despite the Gains

Still, some economists urged caution. They noted that Nigeria’s debt servicing obligations remain high, with projections showing the country could spend more than half of its revenue on debt service this year.

Officials said the government would continue pushing reforms in the oil and gas sector to sustain the reserve growth. They added that diversifying revenue beyond crude oil remains central to long term stability.