Nigeria’s foreign reserves climbed to $41 billion this week, the highest level since December 2024.
Figures from the Central Bank of Nigeria (CBN) show the reserves grew by $890 million in August alone—a 2.19% jump from July’s $40.11 billion.
CBN Governor Olayemi Cardoso has described the growth as a sign of improved confidence in the economy. Analysts had earlier predicted reserves could hit $41bn by year-end, but the target has now been met months early.
Despite the boost, the naira has remained under pressure, falling to ₦1,536.73 per dollar on Wednesday—its third straight day of decline.
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