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Reserves climbed 3.69% in August to reach new milestone
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First time since December 2021 that reserves crossed $41 billion
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CBN credits improved oil output, exports, and capital inflows
Nigeria’s foreign exchange (FX) reserves have climbed to $41 billion as of August 19, the first time the figure has reached that level since December 2021.
According to analysis by TheCable Index, the reserves increased by 3.69 percent this month, rising from $39.54 billion on August 1 to $41 billion on August 19.
The steady growth was recorded across the weeks of August. The reserves grew from $39.54 billion on August 1 to $39.99 billion on August 6, before advancing to $40.64 billion on August 12. By August 18, the figure reached $40.96 billion.
Data obtained from the Central Bank of Nigeria (CBN) confirms this marks the highest level in nearly four years, last seen on December 3, 2021.
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CBN Governor Olayemi Cardoso said at the monetary policy committee meeting on July 22, 2025, that the country was experiencing “sustained stability in the foreign exchange market”.
He attributed the improvement to increased capital inflows, higher crude oil production, rising non-oil exports, and reduced imports. Cardoso also disclosed that gross external reserves rose to $40.11 billion as of July 18, providing about 9.5 months of import cover.
