Nigeria’s FX Reserves Hit $41bn, Highest Since December 2021
Nigeria’s foreign exchange reserves have surged to $41.00 billion as of August 19, 2025, the highest in nearly four years, according to the Central Bank of Nigeria (CBN).
The figure represents a gain of $1.46 billion in August alone, rising from $39.54 billion at the start of the month — a 3.69% increase in under three weeks. The momentum comes after months of steady drawdowns caused by large external debt repayments.
Analysts say the stronger reserves position bolsters the CBN’s capacity to stabilise the naira, manage market liquidity, and resist speculative attacks in the forex market.
Despite the August rally, year-to-date growth has been modest. Reserves have inched up by only $124 million (0.30%) from $40.88 billion recorded on December 31, 2024.
At $41 billion, Nigeria now holds its strongest reserves level since December 3, 2021, a significant recovery from 2022 and 2023 when reserves frequently dipped below $38 billion.
