Nigeria’s external reserves have risen to $41 billion, the highest level in nearly four years, according to figures released by the Central Bank of Nigeria (CBN) on August 19.
The CBN data showed that the reserves stood at $41,001,830,139.96, with net foreign reserves recorded at $40.3 billion. This marks the first time since 2021—approximately 44 months—that the nation’s reserves have reached such a milestone.
Reacting to the development, presidential aide Bayo Onanuga described the achievement as a testament to what he called the “prudent management of the economy” under President Bola Tinubu.
In a post shared on X (formerly Twitter), Onanuga stressed that the increase was not driven by a surge in oil revenues, noting that global crude prices are currently on the decline.
“The latest milestone was reached without our country having a massive inflow from oil sales. Indeed, oil prices are sliding southwards. It’s all about the prudent management of the economy by President Bola Tinubu,” Onanuga wrote.
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He also took aim at opposition figures, including former Vice President Atiku Abubakar, former Anambra State Governor Peter Obi, ex-Kaduna State Governor Nasir El-Rufai, and former Secretary to the Government of the Federation Babachir Lawal, alleging that they have refused to acknowledge what he termed as the administration’s progress.
Economic analysts note that stronger reserves could bolster investor confidence, provide a buffer for the naira, and enhance Nigeria’s ability to manage external shocks. However, questions remain about the sustainability of the reserves given ongoing fiscal pressures and global market volatility.
The last time Nigeria’s external reserves surpassed the $41 billion mark was in 2021, before declining amid oil revenue challenges and increased foreign exchange demand.