FX Reserves Jump: Is Nigeria’s Economy Getting Stronger

As of August 19, Nigeria’s foreign exchange (FX) reserves have surged to $41 billion, reaching their peak in four years.

This latest figure represents the highest value observed since December 3, 2021, as per data gathered from the Central Bank of Nigeria (CBN).

Analysis from TheCable Index indicated a consistent increase in foreign reserves, which grew by 3.69 percent from $39.54 billion noted on August 1 to $41 billion on August 19.

This upward trend persisted throughout the month, with reserves escalating from $39.54 billion on August 1 to $39.99 billion on August 6.

On August 12, TheCable Index reported that Nigeria’s FX reserves had climbed to $40.64 billion, and on Monday, there was a 0.79 percent rise to $40.96 billion.

Olayemi Cardoso, the governor of the CBN, has consistently highlighted the bank’s efforts to nurture growth in FX reserves.

• 
  Tinubu Appoints 39-Year-Old Professor Segun Aina as New JAMB Registrar21 May 2026
  President Tinubu has appointed Professor Segun Aina as the new JAMB Registrar, succeeding Prof. Is-haq Oloyede. Learn about his background, achievements, and plans for JAMB.
• 
  DSS vs Justice Crack: Court Grants ₦5 Million Bail Over Viral Nigerian Army Video18 May 2026
  The Federal High Court in Abuja has granted ₦5 million bail to social critic Justice Crack over alleged cybercrime charges linked to a viral video about the Nigerian Army.
• 
  NNPC Foundation Donates Advanced MRI Machine to NAUTH18 May 2026
  NNPC Foundation has donated a fully installed 1.5 Tesla MRI machine to NAUTH in Anambra State, improving access to advanced diagnostic healthcare across South-East Nigeria.

At the conclusion of the monetary policy committee meeting on July 22, Cardoso remarked that the nation was experiencing “sustained stability in the foreign exchange market.”

He also noted an uptick in capital inflows, enhancements in crude oil output, increasing non-oil exports, and a decrease in imports.

The CBN governor further stated that gross external reserves reached $40.11 billion as of July 18, which can cover imports for approximately 9.5 months.