Nigeria’s gross external reserves have climbed to $52.52 billion, enough to cover approximately 11 months of imports, according to the Central Bank of Nigeria (CBN).
CBN Governor Olayemi Cardoso disclosed this on Tuesday after the 306th Monetary Policy Committee (MPC) meeting in Abuja.
The announcement came as the committee retained the Monetary Policy Rate at 26.5 per cent for the second consecutive time in 2026, citing renewed tensions in the Middle East and their potential impact on the global economy.
Cardoso said the country’s external reserves increased from $50.47 billion at the end of May 2026 to $52.52 billion as of 17 July.
According to the apex bank, the growth in reserves was driven mainly by receipts from crude oil-related taxes and third-party inflows into the economy.
“Gross external reserves rose to $52.52 billion as of 17 July 2026 from $50.47 billion as of the end of May 2026, mainly as a result of receipts from crude-oil-related taxes and third-party inflows,” Cardoso said.
He noted that the current reserve level provides sufficient cover for about 11 months of imports of goods and services, far exceeding the internationally accepted benchmark of three months.
“This is sufficient to finance approximately 11 months of imports of goods and services, surpassing the international benchmark of three months’ cover,” he added.
The CBN governor explained that although growth in the oil sector slowed to 2.57 per cent in the first quarter of 2026 from 6.79 per cent in the previous quarter due to maintenance work on oil facilities, recent economic indicators point to a recovery.
He said the Composite Purchasing Managers’ Index (PMI) improved to 50.1 points in June, up from 49.6 points in May, indicating renewed expansion in economic activity.
Cardoso said the stronger reserve position has enhanced Nigeria’s ability to withstand external shocks at a time of heightened global uncertainty.
He also noted that the country’s economy has remained resilient despite renewed conflict in the Middle East, attributing this to ongoing fiscal and monetary reforms aimed at strengthening macroeconomic stability.
According to him, continued improvements in crude oil production and sustained reforms across key sectors are expected to further boost external reserves and support economic growth.
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