Nigeria’s foreign exchange reserves have increased significantly, rising from \$32.9 billion at the end of 2023 to \$38.448 billion as of June 2025 – a 17% growth in just 18 months.
This was revealed by Gboyega Nasir Isiaka, Chairperson of the House of Representatives Committee on National Planning and Economic Development, during a media briefing held in Abeokuta, Ogun State, on Sunday, June 22.
Isiaka, who represents Yewa North/Imeko-Afon Federal Constituency, described the rise as a positive signal for the economy. He also noted that Nigeria’s fiscal deficit has narrowed, pointing to improved financial discipline and better economic planning by the government.
“This growth shows that the country is getting its financial management right,” Isiaka said. “With a stronger reserve and a lower deficit, we are better positioned to handle external shocks and support economic growth.”
Nigeria’s foreign reserves serve as a buffer for the naira and help maintain currency stability. They are largely influenced by crude oil earnings, external borrowings, and foreign investments. The recent growth is expected to boost investor confidence and support ongoing economic reforms.
