Nigeria's CBN reports $52.5bn reserves covering 9-11 months

The Central Bank of Nigeria has announced that the country's external reserves have risen to a level sufficient to cover approximately nine to eleven months of imports, a significant buffer against global economic pressures. Governor Olayemi Cardoso disclosed the reserves stood at $52.5 billion as of July 17, 2026, during a briefing on Tuesday, July 21, following the 306th meeting of the Monetary Policy Committee in Abuja.

The committee unanimously decided to retain the benchmark Monetary Policy Rate at 26.5 percent. It also held the standing facilities corridor at +500/-450 basis points around the MPR. The Cash Reserve Requirement was maintained at 45 percent for Deposit Money Banks, 16 percent for Merchant Banks, and 75 percent for non-Treasury Single Account public sector deposits. Governor Cardoso stated the decision was aimed at sustaining the gradual decline in inflation while shielding the economy from growing global uncertainties.

The increase in external reserves, attributed to receipts from crude oil-related taxes and third-party inflows, provides a strong import cover well above the internationally recommended threshold of three months. Governor Cardoso noted the...