Nigeria’s foreign exchange (FX) reserves reached $41 billion on August 19, marking the highest level recorded since December 3, 2021.
This milestone reflects a steady increase over the month, with reserves rising from $39.54 billion on August 1 to $41 billion by August 19, representing a 3.69 percent growth.
Data from the Central Bank of Nigeria (CBN) indicated a consistent upward trajectory, with reserves hitting $39.99 billion on August 6, $40.64 billion on August 12, and $40.96 billion on August 18.
CBN Governor Olayemi Cardoso highlighted efforts to sustain this growth, noting sustained stability in the foreign exchange market, increased capital inflows, improved crude oil production, rising non-oil exports, and reduced imports as contributing factors.
As of July 18, the gross external reserves stood at $40.11 billion, providing approximately 9.5 months of import cover, underscoring Nigeria’s improved external financial position.
