Gross external reserves have risen to $52.52 billion, bolstered by higher inflows from crude oil-related taxes and third-party receipts, Central Bank of Nigeria (CBN) Governor Olayemi Cardoso said on Tuesday.

Briefing journalists after the Monetary Policy Committee (MPC) meeting in Abuja, Cardoso said the reserves increased from $50.47 billion at the end of May to $52.52 billion as of July 17.

“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.

He said the reserve level was sufficient to finance about 11 months of imports of goods and services, well above the international benchmark of three months’ import cover.

“The improvement in the reserve position underscores the resilience of the external sector and provides a stronger buffer against external shocks,” he added.

The CBN has also tightened oversight of the foreign exchange market, issuing new operational guidelines for bureau de change (BDC) operators on July 15.

The framework, which took immediate effect, outlines compliance requirements for BDCs purchasing foreign exchange from authorised dealer banks under a policy introduced in February.

Data published on the CBN’s website showed Nigeria’s external reserves have continued to trend upwards this month, reflecting stronger foreign currency inflows into the economy.