Nigeria’s foreign exchange (FX) reserves have climbed to $41 billion, the highest level since December 3, 2021. Fresh figures reviewed from the Central Bank of Nigeria (CBN) show a steady rise through August, signaling improved stability in the FX market.

From August 1 to August 19, the reserves grew by 3.69%, moving from $39.54 billion to $41 billion. The trend was consistent: $39.54bn on Aug 1, $39.99bn on Aug 6, and $40.64bn by Aug 12. By Monday, the stock had inched up again—about 0.79%—to $40.96bn, before crossing the $41bn mark.

CBN Governor Olayemi Cardoso has linked the gains to several factors: more capital flowing into the country, better crude oil output, growing non-oil exports, and lower import demand. After the July 22 Monetary Policy Committee meeting, he noted that Nigeria is seeing “sustained stability” in the FX market. He also disclosed that gross external reserves stood at $40.11 billion as of July 18, equal to roughly 9.5 months of import cover.

In simple terms, this rise suggests more confidence in Nigeria’s economy and provides a stronger buffer for the naira. If the momentum lasts, it could support smoother FX supply and reduce pressure on prices over time.