CBN: Nigeria’s external reserves hit $41b

Nigeria’s external reserves have risen to $41,001,830,139.96, according to new data published by the Central Bank of Nigeria on 19 August. The net foreign reserve stood at $40.3 billion.

In a post via X, presidential aide Bayo Onanuga noted that this marks the first time in 44 months, since 2021, that the country’s reserves have reached such a level.

Onanuga highlighted that the milestone was achieved without a surge in oil revenues, pointing instead to what he described as the “prudent management of the economy” under President Bola Tinubu.

He argued that despite falling global oil prices, the administration has succeeded in stabilising Nigeria’s foreign liquidity.

He also aimed at opposition figures, including former Vice President Atiku Abubakar, former Anambra State Governor Peter Obi, former Kaduna State Governor Nasir El-Rufai, and Babachir Lawal, claiming they have refused to acknowledge the progress recorded under Tinubu’s government.

Onanuga wrote on X:

“Nigeria recorded an external reserve of $41,001,830,139.96 (forty-one billion dollars) on 19 August, according to data published today by the Central Bank. Net foreign reserve was $40.3 billion. Nairametrics reported that the last time our country recorded such a level of foreign liquidity was in 2021, 44 months ago.

“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. I can bet that Atiku Abubakar, Peter Obi, Nasir El-Rufai and Babachir Lawal would never acknowledge this remarkable success. They are more interested in their doomed campaign to overthrow Bola Tinubu. This obsession has blinded them from recognising the progress being delivered by President Bola Tinubu’s government on multiple fronts.”