Nigeria’s External Reserves Hit $41 Billion, Highest Since December 2024

|By Adejumo Adekunle

Nigeria’s external reserves surged to $41 billion as of Tuesday, August 2025, climbing from $40.11 billion in July, according to data released by the Central Bank of Nigeria (CBN) on Wednesday.

The figure reflects an $890 million boost, representing a 2.19 percent increase within a month. This marks the country’s strongest foreign reserves position since December 2024, when it stood at $40.88 billion.

CBN Governor, Olayemi Cardoso, had in July announced that reserves rose to $40.11 billion, describing the trend as a sign of a firmer foreign currency buffer for the nation’s economy.

Analysts had earlier forecast the upswing. CardinalStone’s mid-year outlook predicted reserves would close 2025 at $41 billion, citing improved inflows and tighter monetary policies.

However, despite the reserves rebound, the naira continued to weaken, sliding for three consecutive days this week. On Wednesday, it fell to ₦1,536.73 per dollar, according to official CBN data.