Nigeria’s foreign reserves climb to $41bn – CBN

Agency Report

Nigeria’s foreign reserves have climbed to $41 billion, the highest level in four years.

Data from the Central Bank of Nigeria (CBN) indicates that the development marks the first time since 2021 that the country’s reserves have crossed the $41 billion threshold, signaling renewed stability in external buffers.

Financial analysts believe the rise reflects improved crude oil receipts, inflows from international investors, and recent fiscal and monetary reforms aimed at restoring confidence in Nigeria’s economy.

The development comes as the CBN intensifies efforts to strengthen the naira, stabilise the FX market, and boost investor confidence amid ongoing economic reforms.

The last time Nigeria’s reserves stood at this level was in late 2021, before global oil price volatility and domestic economic challenges triggered sustained pressure on the external reserves.

The rebound is expected to provide the apex bank with greater flexibility in managing exchange rate fluctuations and defending the naira against speculative attacks.