Market News

Nigeria’s gross external reserves climbed to a two-month high of $38.38 billion on May 16, 2025, according to the latest data from the Central Bank of Nigeria (CBN).

This marks the highest level since early March, 2025 and follows a consistent five-day streak of daily growth in the reserve position.

The recent upward trend began on May 9, when reserves stood at $38.12 billion. By May 12, the figure had risen to $38.21 billion. It continued to gain, reaching $38.30 billion on May 14 and $38.33 billion on May 15, before closing the week at $38.38 billion on May 16.

This steady increase reflects a net gain of over $260 million within a single week and signals a modest improvement in Nigeria’s external buffers.

This growth comes after several weeks of downward movement that had kept reserves in the $37 billion range for most of April and early May. On May 8, the reserves were recorded at $38.01 billion, while on May 7 and 6, they hovered around $38.09 billion and $38.10 billion, respectively. Just a few days earlier, on May 2, the level was $38.01 billion, showing limited movement before the recent pickup.

Throughout April, Nigeria’s reserves maintained a relatively flat trajectory but largely stayed below $38 billion. On April 30, gross reserves were at $37.93 billion. They fell slightly to $37.79 billion by April 25 and stood at $37.83 billion on April 22.

Earlier in the month, April 15 saw the figure at $37.91 billion, while April 10 registered a slight increase to $38.03 billion. The highest point in April was observed on the 4th, when reserves rose to $38.13 billion, before slipping to $38.17 billion by April 2.

March witnessed steeper declines. On March 28, reserves were at $38.31 billion, down from $38.57 billion as of March 20. This represented a drop of over $260 million in just under two weeks. The trajectory between late February and early March further confirmed the weakening trend.

The year began on a strong note, with reserves above $40 billion through much of January. The highest point was recorded on January 20 at $40.15 billion. However, by February 18, reserves had dropped to $38.82 billion, shedding more than $1.3 billion in a single month. The losses continued into March, with reserves falling to $38.35 billion by March 7 and further dipping as the month progressed.