Nigeria’s Foreign Reserves Reach $41 Billion, a Nine-Month High
Nigeria’s external reserves have surged to $41 billion, the highest level in nine months, according to data released by the Central Bank of Nigeria (CBN) on Wednesday. This marks a significant increase of $0.89 billion, or 2.19%, from the $40.11 billion recorded in July 2025.
The rise in external reserves is a welcome boost to Nigeria’s foreign currency buffer, according to CBN Governor Olayemi Cardoso. Speaking at the 301st Monetary Policy Committee, Cardoso noted that the increase is a positive development for the country’s economy.
The $41 billion feat is the highest level Nigeria’s external reserves have reached since December 2024, when they stood at $40.88 billion. The achievement is also in line with predictions made by CardinalStone’s mid-year outlook report, which forecast that Nigeria’s external reserves would surge to $41 billion by the end of 2025.
Despite the rise in external reserves, the Nigerian currency, the Naira, has recorded three consecutive falls in the last three days, dropping to N1,536.73 per dollar as of Wednesday, according to the CBN’s official data.
The increase in external reserves is a positive development for Nigeria’s economy, which has been facing challenges in recent times. A strong foreign currency buffer is essential for a country’s economic stability, as it helps to mitigate against external shocks and provides a cushion against economic downturns.
The CBN’s efforts to boost Nigeria’s external reserves have been yielding positive results, and the bank’s governor has expressed optimism about the country’s economic prospects. With the external reserves now at $41 billion, Nigeria is better positioned to navigate the complexities of the global economy and achieve its economic growth objectives.
