Nigeria’s external reserves have risen to $40.11 billion as of July 2025.

This was disclosed by the Central Bank Governor, Yemi Cardoso, announced on Tuesday during the Monetary Policy Committee briefing.

Cardoso stated that the current reserve level provides about 9.5 months of import cover, reflecting a substantial improvement in the country’s foreign currency buffer.

This marks the highest reserve level since November 2024, when it reached $40.2 billion—highlighting a notable rebound in Nigeria’s foreign currency buffers amid ongoing efforts to stabilize the exchange rate and restore investor confidence.

The Monetary Policy Committee voted at the meeting voted to keep the Monetary Policy Rate unchanged at 27.5 per cent, signaling a continued focus on economic stability amid ongoing challenges.

It also retained the Cash Reserve Ratio for Deposit Money Banks at 50 per cent and for Merchant Banks at 16 per cent, maintaining the existing liquidity requirements for financial institutions.