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The Central Bank of Nigeria (CBN) has announced that Nigeria’s foreign exchange reserves have surged to $41 billion as of August 19, 2025, marking the highest level in 44 months. According to the CBN, the current level is the highest recorded since December 3, 2021, and reflects a steady external accretion in recent weeks.

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The CBN noted that the new trajectory follows “months of gradual depletion and volatility, largely attributed to intense pressure from external debt repayments.” The bank explained that reserves “have staged a strong rally in August, adding about $1.46 billion month-to-date, from $39.54 billion on 1 August to $41.00 billion by 19 August.”

“This represents a 3.69% growth in less than three weeks,” the CBN said. “The momentum has been broadly consistent across trading days, with only marginal pauses.”

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The CBN highlighted the significance of the reserves build-up, stating that “a stronger reserve base is a critical pillar for currency market confidence.” The bank added that the improved reserves “improves Nigeria’s sovereign credit outlook, reassures investors of the government’s ability to meet external obligations, and strengthens the Bank’s capacity to manage liquidity shocks.”

The CBN also noted that the recent improvement is significant given the prolonged drawdowns that followed through 2022 and 2023, when reserves struggled to hold above $38 billion. “The $41 billion recorded puts Nigeria in its strongest external reserve position since late 2021,” the bank declared.

The bank attributed the surge in reserves to improved FX inflows, possibly from crude oil earnings or portfolio flows. “The symbolic return to the $41 billion level signals improved FX inflows,” the CBN stated.

Overall, the CBN’s announcement highlights a significant improvement in Nigeria’s foreign exchange reserves, which could have a positive impact on the country’s economy and currency market

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