The apex bank said the increase in gross reserves is driven largely by crude oil-related tax receipts and third-party inflows into the economy.
Nigeria’s gross external reserves have increased to $52.52 billion, providing import cover for approximately 11 months of goods and services, according to the Central Bank of Nigeria (CBN).
At the meeting, the apex bank retained the interest rate for the second time in 2026 at 26.5 per cent, citing the recent resurgence of hostilities in the Middle East.
The CBN boss also stated that Nigeria’s gross external reserves rose from $50.47 billion recorded at the end of May 2026 to $52.52 billion as of 17 July.
The central bank said the gross reserves increase is driven largely by receipts from crude-oil-related taxes and third-party inflows into the economy.
He explained that the oil sector GDP growth rate declined to 2.57 per cent in the first quarter of 2026 from 6.79 per cent in the fourth quarter of 2025, due to the maintenance of oil facilities and installations. He, however, clarified that recent data showed improvement in economic activities as the composite Purchasing Managers’ Index (PMI) rose to 50.1 index points in June 2026 from 49.6 index points in May 2026.
“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,” Mr Cardoso stated.
He noted that the reserve position is sufficient to finance approximately 11 months of imports of goods and services, significantly above the international benchmark of three months of import cover.
“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 said the improvement in reserves strengthens Nigeria’s external position and provides additional buffers against potential external shocks amid heightened global uncertainty.
The apex bank also observed that Nigeria’s economy has remained resilient despite renewed hostilities in the Middle East, attributing this resilience in part to previous fiscal and monetary reforms that have strengthened macroeconomic stability.
Mr Cardoso added that continued improvements in crude oil production and sustained reforms across key sectors would further support external reserves and overall economic resilience.
