Nigeria’s external reserves hit 44-month peak at $41bn

Nigeria’s foreign exchange reserves have surged to $41.00 billion as of August 19, 2025, the highest level in nearly four years.

This is according to data from the Central Bank of Nigeria (CBN).

The figure marks the strongest position since December 3, 2021, signalling a significant recovery after a prolonged period of depletion caused by debt repayments and market volatility.

The latest increase, according to the report, reflects stronger foreign exchange inflows, boosting the CBN’s ability to stabilise the naira, manage liquidity, and curb speculative pressures.

Reserves have grown sharply in August, adding $1.46 billion month-to-date-rising from $39.54 billion on August 1 to $41.00 billion by August 19. This represents a 3.69% increase in less than three weeks, with an average daily build-up of about $81 million.

The reserves crossed the $40 billion mark on August 7, climbed to $40.5 billion by August 12, and hit the $41 billion milestone just a week later.

Despite this surge, year-to-date gains remain modest. Reserves closed 2024 at $40.88 billion, meaning the current level reflects an increase of only about $124 million, or 0.30%, since January.

Most of the growth has occurred over the past five weeks, following a sluggish first half of 2025 when reserves hovered between $37 billion and $39 billion.

In early July, reserves dipped to a low of $37.28 billion before rebounding by more than $3 billion, an 8% jump within a month.

The latest upturn positions Nigeria at its strongest external reserve level since late 2021, reversing the prolonged drawdowns that strained the economy through 2022 and 2023.