Nigeria’s external reserve has maintained a steady rise this year, rising to $364 million between April 30 and May 14, 2025. This indicates the first consistent two-week upward trend in the country’s foreign reserves since they peaked on January 6, 2025, at $40.92 billion.
According to the latest figures published by the Central Bank of Nigeria (CBN), the gross external reserves stood at $37.934 billion on April 30 and reached $38.298 billion by May 14, reflecting a 0.96% increase in just 14 days.
Analysts say the upward trend in the reserve is in response to the CBN’s renewed push for FX market liberalization and its efforts to restore transparency in the FX market.
Also, it indicates a potential shift in the underlying direction of Nigeria’s external accounts. Although a $364 million increase is still modest in the broader macroeconomic context, it is the most substantial build-up within a short window this year and points to increasing foreign currency liquidity.
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In his reaction, CBN Governor Olayemi Cardoso attributed the increase in net reserves to strategic policy decisions aimed at enhancing investor confidence, reducing vulnerabilities, and building a more robust reserve position.
Cardoso also noted that reserves are expected to maintain an upward trajectory, driven by improved oil production and a more favorable export environment, particularly in non-oil sectors. These factors are likely to enhance Nigeria’s external liquidity and support a stable exchange rate.
