The Central Bank of Nigeria (CBN) said Nigeria’s gross external reserves stood at $49.49 billion as of 15 May, providing an import cover of 9.04 months for goods and services.
CBN governor Olayemi Cardoso revealed the figure at the press briefing held after the 305th Monetary Policy Committee (MPC) meeting on Wednesday in Abuja.
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According to CBN, Nigeria’s non-oil sector grew in the fourth quarter of 2025. This is attributed to key activities in the services sector, including information and communication, and transportation and storage activities.
The country also recorded growth in the oil sector in the fourth quarter of 2025, driven by improved refining in the downstream sector.
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The CBN governor said the gross external reserve was $49.49 billion in mid-May compared with $48.35 billion at the end of March 2026.
Meanwhile, at the 304th MPC meeting in February, Mr Cardoso explained that Nigeria’s external reserves rose significantly to $50.45 billion as of 16 February.
Although there is a slight drop from the level recorded in February, the CBN said at Wednesday’s press briefing that Nigeria’s external reserves remained robust.
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“The non-oil sector grew by 3.99 per cent year-on-year in the fourth quarter of 2025 from 3.91 per cent in the preceding quarter, driven by key activities in the services sector, including information and communication, and transportation and storage activities.
“Growth in the oil sector also increased to 6.79 per cent in the fourth quarter of 2025 from 5.84 per cent in the previous quarter on the back of improved refining in the downstream sector.
“Gross external reserves remained robust at $49.49 billion as of 15 May 2026 compared with $48.35 billion at the end of March 2026, sufficient to cover 9.04 months of imports for goods and services,” Mr Cardoso said.
He added that the real GDP grew by 4.0 per cent in the fourth quarter of 2025 compared with 3.98 per cent in the preceding quarter, supported by expansion in the industry and agricultural sectors.
The CBN boss said the reserve will continue to boost investors’ confidence in Nigeria’s economy, despite the expected rise in global inflation.
“This strong buffer reinforced investor confidence in the Nigerian economy and supported exchange rate stability. Global growth is expected to moderate in 2026 compared with 2025, reflecting the impact of heightened geopolitical tensions, energy market disruptions, and tighter financial conditions.
“Global inflation is anticipated to edge higher in the near term, driven by elevated energy and agricultural commodity prices, as well as supply chain disruptions,” he said.
Economic outlook
In his comparisons with other countries, the governor said that in some advanced economies, persistent core inflation is moderating the pace of disinflation.
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He noted that exchange rate pressures in several emerging market economies are expected to sustain elevated price levels in the near to medium term.
As a result, Mr Cardoso said most central banks have embarked on a cautious, data-driven approach, broadly pausing or slowing monetary easing to address inflation.
He said a moderate increase in inflation is expected in the near term, but Nigeria’s economic policies are projected to counter the inflationary pressure.
“However, the combined effects of previous policy tightening, exchange rate stability, and enhanced food supply are expected to support the return to disinflation,” Mr Cardoso said.
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