Nigeria’s foreign exchange reserves have risen to $41 billion, their highest level since December 2021, according to fresh figures from the Central Bank of Nigeria (CBN).
The reserves, which stood at $39.54 billion on August 1, climbed to $41.00 billion by August 19, in a gain of $1.46 billion in under three weeks. This marks a sharp turnaround from early July, when reserves had dropped to $37.28 billion.
The recent rally can be linked to stronger crude oil inflows, renewed portfolio investment, and policy adjustments introduced under President Bola Tinubu’s economic reforms. Since taking office, Tinubu has rolled out a series of measures, including the unification of Nigeria’s exchange rate windows, the removal of the petrol subsidy, and moves to attract foreign capital.
Between January and June, reserves fluctuated between $37 billion and $39 billion, pressured by debt servicing and market interventions. However, the return above the symbolic $41 billion threshold signals renewed external confidence and a stronger buffer for the CBN to manage naira volatility.
