BREAKING: Nigeria’s Foreign Exchange Reserves Hit $41bn, Highest Level Since 2021

Nigeria's foreign exchange reserves have reached $41 billion, the highest level since December 2021, according to the latest figures from the Central Bank of Nigeria (CBN). The reserves stood at $37 billion on August 1 but climbed to $41 billion by August 19, marking a significant gain of $4 billion in just three weeks.

This increase is attributed to stronger crude oil inflow and renewed portfolio investments, following policy adjustments introduced by President Bola Tinubu as part of economic reforms. Despite fluctuations between $37 billion and $39 billion from January to June, the reserves have now surpassed the $41 billion mark, signaling renewed external confidence and providing a stronger buffer for the CBN to manage naira volatility.