Nigeria’s external reserves have climbed to $40.11 billion as of July 2025, according to the Central Bank Governor, Yemi Cardoso.
He disclosed this during the Monetary Policy Committee (MPC) briefing held on Monday, July 22, 2025.
Cardoso noted that the $40.11 billion reserve level represents approximately 9.5 months of import cover, signaling a significant boost to Nigeria’s foreign currency buffer.
This is the highest level recorded since November 2024 when it hit $40.2 billion
making this a significant rebound in Nigeria’s foreign currency buffers amid ongoing efforts to stabilize the exchange rate and rebuild investor confidence.
In a related development, the Central Bank of Nigeria (CBN) has announced the retention of the Monetary Policy Rate (MPR) at 27.5%, following the conclusion of its 301st Monetary Policy Committee (MPC) meeting held on Tuesday, July 22, 2025.
CBN Governor, Dr. Olayemi Cardoso, who briefed journalists after the meeting, said the committee’s decision to hold the rate steady was based on the need to sustain the disinflationary trend in the economy.
“The decision was premised on the need to sustain disinflation,” Cardoso stated, highlighting the committee’s cautious optimism over recent economic indicators.
All 12 members of the MPC voted unanimously to maintain the MPR at 27.5%, signaling a unified stance among policymakers amid lingering inflationary pressures and exchange rate volatility.
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