Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said the nation’s gross external reserves jumped to $52.52 billion as of July 17, 2026, up from $50.47 billion at the end of May.
Speaking while briefing journalists after the monetary policy committee (MPC) meeting in Abuja, Cardoso adduced the risen to higher incomes from crude oil-related taxes and third-party receipts.
“Gross external reserves rose to US$52.52 billion as of July 17, 2026, from US$50.47 billion as at end-May 2026, mainly as a result of receipts from crude oil-related taxes and third-party inflows,” Cardoso said.
The apex bank governor stated that the reserve level is enough to finance about 11 months of imports of goods and services.
“This is sufficient to finance approximately 11 months of imports of goods and services, surpassing the international benchmark of three months’ cover,” he said.
“The improvement in the reserve position underscores the resilience of the external sector and provides a stronger buffer against external shocks.”
But findings on the website of the CBN showed that the reserves have steadily increased since the start of the month, rising to $52.02 billion as of July 20, contrary to Cardoso’s claim.
On July 17, the foreign reserves stood at $51.94 billion.
On July 15, CBN issued operational guidelines for bureau de change (BDC) operators purchasing foreign exchange (FX) from authorised dealer banks, introducing stricter compliance requirements and an electronic transaction portal.
The Central Bank stated that the framework goes into effect immediately.
