Nigeria’s external reserves have climbed to $41.0 billion, marking their highest level in nearly four years, according to new data released by the Central Bank of Nigeria (CBN). As of August 19, the country’s gross reserves stood at $41,001,830,139.96, while net reserves were reported at $40.3 billion. Financial outlet Nairametrics noted that the last time reserves reached this threshold was in 2021, about 44 months ago.

The surge comes despite weakening global oil prices, traditionally Nigeria’s largest source of foreign earnings. Analysts point to tighter fiscal discipline, exchange rate reforms, and more efficient reserves management as key factors behind the rebound. Officials say the improvement underscores President Bola Tinubu’s commitment to restoring macroeconomic stability and building investor confidence in Nigeria’s economy.

While government supporters hail the milestone as evidence of sound economic stewardship, critics in the opposition have remained silent. Political rivals such as Atiku Abubakar, Peter Obi, and Nasir El-Rufai have consistently faulted Tinubu’s reforms, but government backers argue the reserve growth highlights real progress being made under his administration. The CBN insists the stronger reserve position will enhance Nigeria’s ability to stabilize the naira, attract foreign investment, and finance critical imports.