Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), says the country’s gross external reserves rose to $52.52 billion as of July 17, 2026, up from $50.47 billion at the end of May.
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 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 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
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