Nigeria’s external reserves experienced a steady rebound over the past month, rising by $200.3 million from $37.738 billion on June 18 to $37.938 billion by July 18, 2025. This represents a 0.53% increase, according to data from the Central Bank of Nigeria (CBN). The rise signals renewed confidence and improved foreign exchange (FX) conditions in the country.
The most notable increase occurred on July 14, when the reserves jumped by $206.6 million in a single day—from $37.43 billion on July 11 to $37.64 billion. This was part of a ten-day upward streak between July 7 and July 18, where the reserves increased consistently every trading day, suggesting enhanced FX inflows and more stable operations at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
However, the growth followed a period of decline in late June. The reserves had dipped sharply from $37.71 billion on June 19 to a monthly low of $37.21 billion on June 30. This nearly $500 million drop was attributed to sustained FX demand pressure and possible capital outflows.
The turning point came in early July, with marginal declines stabilizing around $37.18 billion. A modest uptick on July 4 began the recovery trend, which gathered momentum through consistent daily gains. This performance reflects improved FX liquidity and potentially increased confidence from foreign investors or inflows from oil earnings.
By July 18, the reserves had reached $37.94 billion—the highest in over a month—indicating stronger macroeconomic stability and effectiveness in the CBN’s FX market reforms. Analysts suggest the continued rise may support the naira and aid the government’s efforts to manage inflation and improve external sector balance.
Source: Leadership