Nigeria’s foreign reserves hit a 44-month high of $41B, reflecting improved FX inflows, oil earnings, and market stability.
Nigeria’s foreign exchange reserves rose to $41.00 billion on August 19, 2025, the highest in nearly four years, according to the Central Bank of Nigeria (CBN).
The rally marks the strongest level since December 2021, with reserves adding $1.46 billion month-to-date, up 3.69% since August 1. On average, reserves grew by $81 million per day in August.
Year-to-date trend
Reserves opened 2025 at $40.88B; current levels show only a modest 0.30% YTD increase. The bulk of gains came in the past five weeks, rebounding from $37.28B in early July. The sharp recovery adds over $3B since mid-July, an 8% increase.
Why it matters
A stronger reserve base bolsters currency stability, investor confidence, and Nigeria’s ability to meet external obligations. The CBN attributes the build-up to higher oil production, rising non-oil exports, reduced imports, and capital inflows.
Sustaining momentum will hinge on balancing oil receipts, debt servicing, and non-oil FX inflows. For now, Nigeria sits on its strongest external footing since 2021.

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