… Says naira remains 26% below fair value
Nigeria’s external reserves have moved closer to the Central Bank of Nigeria’s (CBN) 2026 target of $51.04 billion, prompting the International Monetary Fund (IMF) to recommend a slower pace of reserve accumulation to allow the naira to move closer to its estimated fair value.
Data published by the CBN showed that the country’s gross external reserves rose to $50.81 billion as of June 15, 2026, providing the apex bank with a stronger buffer to support foreign exchange market stability and defend the naira when necessary.
The latest reserve level represents an increase of $12.99 billion, or 34.35 percent, from $37.82 billion recorded on June 16, 2025. It is also the highest reserve position in about 17 years.
The reserve build-up has brought Nigeria within touching distance of the CBN’s 2026 year-end target of $51.04 billion. The target represents an increase from
This post was originally published on this site.
