Nigeria’s foreign exchange reserves climbed to $41.00 billion on August 19, 2025, reaching a 44-month high.

Data released on the Central Bank of Nigeria website shows this is the largest reserve level since December 3, 2021, reflecting consistent external inflows in recent weeks.

The recent upturn follows months of gradual decline and volatility, mainly driven by heavy external debt repayments.

In August, the reserves have surged by around $1.46 billion, rising from $39.54 billion on August 1 to $41.00 billion by August 19—a 3.69% increase in under three weeks.

The growth has been steady across trading days, with only minor interruptions.

The build-up gained momentum in early August, with reserves surpassing the $40 billion mark on August 7, following a July close below $39.4 billion.

Growth accelerated thereafter, reaching $40.5 billion by August 12 and topping $41 billion a week later. On average, Nigeria’s reserves have increased by about $81 million per day in August, driven by stronger foreign exchange inflows relative to outflows.

This robust rise supports the CBN’s efforts to stabilise the naira in the official market, manage liquidity, and counter speculative pressures.

The year-to-date picture, however, reflects more modest gains. Nigeria’s reserves began 2025 at $40.88 billion on December 31, 2024, and the latest figure of $41.00 billion represents an increase of just $124 million, or 0.30%.

This indicates that most of the year’s gains have been concentrated in the past five weeks, after a relatively quiet first half. Between January and June, reserves mostly hovered between $37 billion and $39 billion, influenced by FX interventions, oil price fluctuations, and debt repayments.

For example, reserves fell to $37.28 billion in early July before the recent rebound. Since mid-July, the sharp recovery has added over $3 billion—around an 8% increase in just a month.

Over a longer horizon, the $41 billion level marks Nigeria’s strongest external reserve position since late 2021. The recent upswing is particularly notable after the prolonged declines of 2022 and 2023, when reserves consistently struggled to stay above $38 billion.