Nigeria’s external reserve climbs to $40.11bn

Nigeria’s external reserves have climbed to $40.11 billion as of July 2025.

Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, disclosed at the end of the Monetary Policy Committee (MPC).

Cardoso noted that the $40.11 billion reserve level represents approximately 9.5 months of import cover, signaling a significant boost to Nigeria’s foreign currency buffer.

This is the highest level recorded since November 2024 when it hit $40.2 billion, making this a significant rebound in Nigeria’s foreign currency buffers amid ongoing efforts to stabilize the exchange rate and rebuild investor confidence.

The CBN also reported sustained stability in the foreign exchange market, citing increased capital inflows, improved crude oil production, reducing short-term FX liabilities (crude swaps and forwards e.t.c), rising non-oil exports and reduced imports.

The CBN’s Monetary Policy Committee (MPC) is scheduled to meet again on September 22 and 23 to review the country’s economic performance and make further policy decisions.

The International Monetary Fund (IMF) projected Nigeria’s inflation rate to decline to 23% in 2025 and further to 18% in 2026.

The Fund also expects the country’s economic growth to rise from 2.9% in the previous year to 3.3% in the current year, driven by recovery in the oil sector and advancements in agriculture.