Nigeria’s External Reserves Rise To A Record High Of $41bn – CBN

Nigeria's external reserves have reached a record high of $41 billion, as reported by the Central Bank of Nigeria on August 21. The data released on the official website showed a significant increase of $890 million, marking the highest level since December 2021.

This steady growth in external reserves has been attributed to a boost in Nigeria's foreign currency buffer. Governor Olayemi Cardoso highlighted this development as a positive sign for the country's economic stability.

The current reserve level is slightly higher than the $40 billion recorded in 2024, indicating progress in strengthening Nigeria's economic foundation. The Presidency has praised this milestone, attributing it to President Bola Tinubu's reform efforts and a deliberate strategy to reduce reliance on oil revenue.