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Nigeria’s foreign exchange reserves have reached a remarkable $41 billion, the highest level in 44 months, as of August 19, 2025. According to the Central Bank of Nigeria (CBN), this surge represents a 3.69% growth in less than three weeks, with reserves climbing from $39.54 billion on August 1 to $41 billion on August 19.
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CBN Governor Olayemi Cardoso attributed this growth to sustained efforts in stabilising the foreign exchange market, stating, “We are witnessing sustained stability in the foreign exchange market.” He highlighted key factors contributing to this success, including “increased capital inflows, improved crude oil production, rising non-oil exports, and reduced imports”
The CBN reported that gross external reserves rose to $40.11 billion as of July 18, providing approximately 9.5 months of import cover. Cardoso emphasised the bank’s efforts to sustain growth in FX reserves, which has resulted in a significant rebound after months of depletion and volatility driven by external debt repayments.
This milestone indicates improved FX inflows, possibly from crude oil earnings or portfolio flows, and strengthens Nigeria’s sovereign credit outlook. Sustaining this momentum will depend on a delicate balance of oil exports, non-oil FX receipts, debt servicing, and policy direction.
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Jonathan Nwokpor
