Nigeria’s External Reserves Surge by $1.22bn in May, Near $50bn
Nigeria’s foreign reserves rose by $1.22 billion during May, climbing from $48.36 billion at the end of April to $49.58 billion on May 29. This marks one of the strongest monthly gains in recent years and brings the country within striking distance of the $50 billion milestone. Compared with $38.47 billion a year earlier, reserves are up about $11.11 billion, a nearly 29% increase. The boost reflects stronger forex inflows, ongoing economic reforms and the Central Bank’s efforts to stabilise the naira. A higher reserve buffer improves Nigeria’s capacity to meet foreign obligations and underpins investor confidence. The naira closed May at ₦1,372 to the dollar in the official market, versus ₦1,585.50 a year ago, while tight monetary policy continues to support exchange-rate stability.
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