The Governor of the Central Bank of Nigeria, Yemi Cardoso, has disclosed that Nigeria’s external reserves have risen to $40.11 billion as of July 2025, signaling a major recovery in the country’s foreign exchange holdings.

Speaking during the Monetary Policy Committee briefing held on Monday, July 22, Governor Cardoso noted that the current reserve level is enough to cover approximately 9.5 months of import needs. This marks the highest level since November 2024, when reserves reached $40.2 billion.

He attributed the rebound to coordinated efforts by the Federal Government aimed at stabilising the naira and restoring investor confidence in Nigeria’s economy.