Nigeria’s external reserves have recorded a net increase of over $260 million within one week, rising to $38.38 billion by 16 May 2025, according to the latest figures from the Central Bank of Nigeria. The reserves had stood at $38.12 billion on 9 May and steadily climbed over subsequent days, marking the highest level since early March.
The improvement comes after months of downward pressure caused by external debt repayments, declining oil production, and volatile demand for foreign exchange. At the end of April, Nigeria had lost an estimated $2.62 billion in reserves over four months.
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CBN Governor, Olayemi Cardoso, attributed the recent rebound to reforms implemented by the Monetary Policy Committee and new policies by the Federal Government aimed at boosting local production and easing FX demand. He noted that enhanced digital monitoring and tighter oversight of Bureau de Change operations have curbed leakages.
The Naira has shown signs of relative stability in recent months, trading between N1,590 and N1,610. Experts are calling for stronger collaboration between fiscal and monetary authorities to consolidate gains and support the broader economy.
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