External Reserves Jump $890m, Reach $41bn

Nigeria’s external reserves have climbed to $41 billion as of Tuesday, August 2025, marking a rise from $40.11 billion recorded in July.

The update, published on the Central Bank of Nigeria’s (CBN) official website on Wednesday, shows that reserves grew by $890 million, representing a 2.19 percent increase within one month.

This development follows remarks by CBN Governor, Olayemi Cardoso, at the 301st Monetary Policy Committee (MPC) meeting, where he had earlier confirmed that reserves reached $40.11 billion in July—describing it as a sign of strengthened foreign currency buffers.

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At $41 billion, Nigeria’s reserves have now reached their highest level since December 2024, when they stood at $40.88 billion.

Analysts had projected such growth earlier this year. CardinalStone’s mid-year outlook report anticipated that the country’s reserves would close 2025 at around $41 billion, up from last year’s $40.88 billion.

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However, despite the positive reserves performance, the naira has continued to weaken. Official CBN figures showed the currency depreciated for three consecutive days this week, sliding to ₦1,536.73 per dollar as of Wednesday.