Nigeria’s external reserves gained $515m in May
Foreign currencies forex
Nike Popoola
Nigeria’s foreign reserves gained $515m in May, figures obtained from the Central Bank of Nigeria (CBN) by Dailyeconomy revealed on Tuesday.
According to figures on movement in foreign reserves by the CBN, the reserves rose from $37.934bn as of April 30, 2025 to $38.448bn as of the end of May 30, 2025.
At the last Monetary Policy Committee meeting, the CBN Governor, Olayemi Cardoso, said, “Gross external reserves increased by 2.85 per cent to US$38.90 billion as at 16th May 2025, from US$37.9 billion at end-March 2025. This represents an import cover of 7.6 months for goods and services.”
External Reserves, (also called international reserves, foreign reserves or foreign exchange reserves) are defined by the IMF as “those external assets that are readily available to and controlled by monetary authorities for direct financing of payments imbalances, for indirectly regulating the magnitudes of such imbalances through intervention in exchange markets to affect the currency exchange rate, and/or for other purposes.”
