{"id":15942,"date":"2025-07-22T17:11:08","date_gmt":"2025-07-22T17:11:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/15942\/"},"modified":"2025-07-22T17:11:08","modified_gmt":"2025-07-22T17:11:08","slug":"external-reserves-hit-40-1-billion-in-july-2025-cardoso","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/15942\/","title":{"rendered":"External reserves hit $40.1 billion in July 2025 \u2013 Cardoso"},"content":{"rendered":"

Nigeria\u2019s external reserves have climbed to $40.11 billion as of July 2025, according to the Central Bank Governor, Yemi Cardoso.<\/p>\n

He disclosed this during the Monetary Policy Committee (MPC) briefing held on Monday, July 22, 2025.<\/p>\n

Cardoso noted that the $40.11 billion reserve level represents approximately 9.5 months of import cover, signaling a significant boost to Nigeria\u2019s foreign currency buffer.<\/p>\n

This is the highest level recorded since November 2024 when it hit $40.2 billion<\/p>\n

making this a significant rebound in Nigeria\u2019s foreign currency buffers amid ongoing efforts to stabilize the exchange rate and rebuild investor confidence.<\/p>\n

Key Economic Indicators<\/p>\n

The CBN also reported sustained stability in the foreign exchange market, citing increased capital inflows, improved crude oil production, rising non-oil exports, and reduced imports.<\/p>\n

Gross External Reserves: $40.11 billion, sufficient for 9.5 months of import coverCapital Inflows: Increased inflows contributing to stability in the foreign exchange marketCrude Oil Production: Improved production levels supporting economic stabilityNon-Oil Exports: Rising exports contributing to economic growthImports: Reduced imports aiding stability in the foreign exchange marketInflation Outlook<\/p>\n

Cardoso noted that staff projections indicate a continued decline in inflation in the coming months, driven by:<\/p>\n

Tight Monetary Policy: Supporting price stability and reducing inflationStable Exchange Rates: Contributing to reduced inflationary pressuresDeclining PMS Prices: Lower prices for petroleum products aiding inflation reductionHarvest Season: Expected to increase food supply and reduce prices.<\/p>\n

The CBN\u2019s Monetary Policy Committee (MPC) is scheduled to meet again on September 22 and 23 to review the country\u2019s economic performance and make further policy decisions.<\/p>\n

Economic Growth and Inflation Projections<\/p>\n

The International Monetary Fund (IMF) projected Nigeria\u2019s inflation rate to decline to 23% in 2025 and further to 18% in 2026.<\/p>\n

The Fund also expects the country\u2019s economic growth to rise from 2.9% in the previous year to 3.3% in the current year, driven by recovery in the oil sector and advancements in agriculture.<\/p>\n

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