Nigeria’s Gross External Reserves Hit $38.90bn in 2025 – CBN

The Central Bank of Nigeria sys Nigeria’s gross external reserves increased by 2.85 per cent to $38.90bn as of May 16, 2025, compared to $37.82bn at the end of March, representing 7.6 months of import cover..

This made known to journalists at a press briefing by the Central Bank governor, Mr. Olayemi Cardoso, at the 300th MPC meeting held on Tuesday in Abuja

Cardoso said the committee was encouraged by the progressive narrowing of the gap between the official and parallel forex market rates and urged the fiscal authorities to intensify efforts to grow FX earnings, particularly from oil, gas, and non-oil exports.

The committee further acknowledged the improvement in Nigeria’s real GDP, which grew by 3.84 per cent in the fourth quarter of 2024, up from 3.46 per cent in the previous quarter, driven by both oil and non-oil sectors, especially services.

However, Cardoso expressed concerns about declining crude oil prices, which could threaten fiscal revenues.

“The committee expressed concerns about the recent decline in crude oil prices, attributable to increased production by non-OPEC members as well as uncertainties associated with U.S. trade policy, which present new challenges for fiscal receipts and budget implementation,” he said.

The MPC commended the relative stability in the banking sector and called on the apex bank to sustain effective oversight amid the ongoing recapitalisation exercise.

“Members reaffirmed their commitment to prioritise policies targeted at anchoring inflation expectations and easing exchange rate pressure,” the governor said