August 21, (THEWILL) — Nigeria’s external reserves rose to $41 billion on Tuesday, August 19, up from the N40.11 billion mark in July 2025, the Central Bank of Nigeria stated in its external reserves data published on its official website on Wednesday.
This showed that the country’s external reserves increased by $0.89 billion, that is, $890 million, or 2.19 percent, in the last one month.
The current level marks the highest recorded since December 3, 2021, and shows the steady external accretion witnessed in recent weeks.
THEWILL recalled that the apex bank governor, Olayemi Cardoso, had at the 301st Monetary Policy Committee, said the country’s external reserves rose to $40.11 billion in July.
Cardoso had noted that development is an indication of a significant boost to Nigeria’s foreign currency buffer.
The $41 billion in external reserves is slightly higher than the $40.88 billion recorded in 2024, with the naira sustaining its gains. It is the highest the country has reached since December last year, when it stood at $40.88 billion.
Earlier in July, CardinalStone’s mid-year outlook report had predicted that Nigeria’s external reserves would surge to $41 billion at the end of 2025, up from $40.88 billion at the end of last year.
The reserves staged a strong rally in August, adding about $1.46 billion month-to-date, from $39.54 billion on August 1 to $41.00 billion by August 19. This represents a 3.69 percent growth in less than three weeks.
The Presidency hailed the development as a testament to President Bola Tinubu’s reforms.
“This $41 billion reserve milestone is a clear indicator of progress. It reflects deliberate efforts to strengthen Nigeria’s economic foundation without relying solely on oil”, a presidency spokesperson stated.
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