By Joke Kujenya
FOREIGN EXCHANGE reserves climbed to $41 billion on August 19, setting Nigeria’s strongest position in nearly four years.
Data released from the Central Bank of Nigeria (CBN) confirmed the figure as the highest since December 3, 2021.
The apex bank’s official report showed an external reserve of $41,001,830,139.96, while net foreign reserves stood at $40.3 billion.
The rise followed a steady build-up through August, increasing by 3.69 per cent from $39.54 billion on August 1.
Daily records reflected consistent growth. On August 6, reserves moved to $39.99 billion, and by August 12, they had risen to $40.64 billion.
On August 18, CBN says the figure reached $40.96 billion before crossing the $41 billion mark the following day.
According to index analysis, the rise occurred despite sliding global oil prices, showing that the growth was not driven by oil inflows but by broader measures sustaining liquidity in the foreign exchange market.
CBN Governor Olayemi Cardoso had earlier stressed the bank’s focus on building reserves.
Speaking at the conclusion of the Monetary Policy Committee meeting on July 22, Cardoso reported sustained stability in the foreign exchange market.
He identified higher capital inflows, improved crude oil production, rising non-oil exports, and reduced imports as major factors behind the trend.
Cardoso added that as of July 18, gross external reserves had already risen to $40.11 billion, providing about 9.5 months of import cover.
He reiterated that the bank would maintain measures aimed at reinforcing foreign exchange stability and liquidity.
He said the latest milestone places the Nigeria’s reserves at their highest level in 44 months, reinforcing improved foreign liquidity despite ongoing external challenges.
