Nigeria's external reserves have surged to their highest level since 2009, reaching $50.96 billion as of June 17, 2026, according to data from the Central Bank of Nigeria (CBN). This marks an increase of $13.22 billion or 35.03% compared to $37.74 billion recorded in the same period last year. The reserves further climbed to $51.04 billion on June 18, the highest in 17 years, as confirmed by Bayo Onanuga, Special Adviser on Information and Strategy to President Bola Tinubu.
Naira Depreciates Across FX Markets
Despite the reserve growth, the naira weakened slightly across foreign exchange markets. At the Nigerian Foreign Exchange Market (NFEM), the naira depreciated by N7.16 or 0.53% on June 19 to close at N1,370.46/$1, down from N1,363.30/$1 the previous day. In the parallel market, the naira fell by N5 to sell for N1,390/$1, compared to N1,385/$1. At the GTBank FX desk, it shed N3 to close at N1,376/$1.
The naira also lost value against other major currencies. It declined by N9.07 against the pound sterling to trade at N1,814.76/£1, and crashed against the euro by N6.43 to settle at N1,571.50/€1.
IMF Backs Flexible Exchange Rate System
The International Monetary Fund (IMF) has endorsed Nigeria's flexible exchange rate mechanism, stating that it is appropriate. The IMF noted that the CBN may intervene in the market when necessary. This support comes as the CBN continues to implement reforms aimed at stabilizing the foreign exchange market.
Muda Yusuf, Director of the Centre for the Promotion of Private Enterprise (CPPE), commented to Legit.ng: "Reduced exchange rate volatility, rising foreign reserves, renewed capital inflows, and stronger corporate earnings reflect the positive impact of stabilisation measures adopted over the last three years."
Presidential Adviser Hails Reserves Growth
Bayo Onanuga reacted to the reserves rising on X, stating: "Nigeria's foreign reserves rose to $51.04 billion on June 18, the highest level in 17 years. In January 2009, the reserves stood at $50.5 billion. This is the good news Peter Obi, Atiku Abubakar and other presidential candidates don't want to hear. As far as they are concerned, President Tinubu has done nothing since he came to office. Yet stubborn facts of the administration's solid achievements keep hitting them in the face."
Market Turnover Increases
Total turnover at the NFEM window rose by 29.25% to $378.34 million on June 18 from $292.72 million on June 17. Weekly turnover at the official market reached $2.56 billion, according to CBN data.
Tanzania Bans Use of Dollar
In a related development, the Bank of Tanzania has prohibited the use of foreign currencies, including the US dollar, for domestic transactions. Under the new directive, all goods and services must be quoted and paid for exclusively in Tanzanian shillings. The notice, signed by Bank of Tanzania Governor Emmanuel M. Tutuba, clarified that certain transactions involving foreign currency are still allowed under the new rules.
