Nigeria’s foreign exchange reserves have reached a remarkable milestone, hitting $41 billion as of August 19, 2025. This marks the highest level in 44 months, since December 3, 2021. The Central Bank of Nigeria (CBN) reported that the reserve grew by $1.46 billion in August alone, representing a 3.69% increase in less than three weeks.
The growth is attributed to increased capital inflows, improved crude oil prices and healthy production volumes have also contributed to the growth in reserves. Portfolio investors have shown renewed interest in Nigeria, attracted by the elevated yields on treasury securities and stable global macroeconomic conditions.
The CBN’s foreign exchange reforms, including clearing over $7 billion of verified forex backlog and launching the Nigeria Foreign Exchange Code, have boosted investors confidence. The increased reserves have improved the CBN’s ability to stabilize the naira and manage liquidity in the official market, enhancing Nigeria’s sovereign credit outlook and reassuring investors of the government’s ability to meet external obligation.
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