Cardoso Surpasses CBN’s $51bn Reserve Target By $1bn Ahead Of Year-End

Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has surpassed the apex bank’s 2026 external reserves target five months ahead of schedule, with Nigeria’s foreign reserves rising above $52bn for the first time in more than 17 years.

Latest data from the CBN showed that the country’s gross external reserves climbed to $52.02bn as of July 20, 2026, exceeding the bank’s projected year-end target of about $51.04bn by nearly $1bn.

The milestone represents the highest external reserves level since January 2009 and comes barely seven months after the CBN unveiled its 2026 Macroeconomic Framework, which projected that reserves would rise to approximately $51bn by the end of the year.
The reserve accumulation also underscores the impact of the apex bank’s foreign exchange reforms and monetary tightening measures aimed at restoring investor confidence, improving FX liquidity and strengthening Nigeria’s external buffers.

In its 2026 Macroeconomic Document, obtained by THE WHISTLER in December 2025, the CBN projected that external reserves would increase from an estimated $45.01bn in 2025 to about $51bn by the end of 2026.

The bank attributed the expected increase to stronger export earnings, higher remittance inflows, improved oil and gas production, expanding domestic refining capacity and policy measures designed to attract foreign capital while maintaining exchange rate stability.

Five months before the December deadline, those projections have already been exceeded.

CBN data showed that reserves have maintained a steady upward trajectory throughout July.
From $51.53bn on July 3, reserves increased to $51.58bn on July 6, $51.64bn on July 7, $51.71bn on July 8, and $51.94bn on July 17, before crossing the $52bn mark on July 20.

The latest figure also reflects a sharp increase from $51.45bn recorded at the end of June, indicating an additional $570m accretion within the first three weeks of July.

The growth follows strong reserve gains recorded in previous months.

Between June 1 and June 18, reserves rose from $49.80bn to $51.04bn, while the stock increased by approximately $1.9bn between the end of May and the end of June after gaining about $1.22bn during May.

The sustained increase has strengthened Nigeria’s external position at a time when the CBN continues to implement reforms aimed at improving the functioning of the foreign exchange market.

Speaking on Tuesday while briefing journalists after the monetary policy committee (MPC) meeting in Abuja, Cardoso attributed the increase to higher inflows from crude oil-related taxes and third-party receipts.
“Gross external reserves rose to $52.52bn as of July 17, 2026, from $50.47bn as at end-May 2026, mainly as a result of receipts from crude oil-related taxes and third-party inflows,” Cardoso said.

The CBN governor said the reserve level is sufficient 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.”

ENDS