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Nigeria’s foreign exchange (FX) reserves are projected to reach $41 billion by the end of December 2025.
This forecast comes from CardinalStone‘s mid-year outlook report. The anticipated $41 billion in external reserves would represent a slight increase from the $40.88 billion recorded in 2024, aligning with the naira’s sustained gains.
The expected growth in the country’s external reserves is linked to the Federal Government’s plans to secure a combined $3.2 billion in the latter half of the year for various fiscal priorities. Additionally, potential inflows from portfolio investors are expected to bolster this projection.
“These proposed external borrowings, alongside other anticipated inflows, will likely boost the FX reserves to $41.00 billion by year-end, compared to $37.27 billion as of H1’25,” the Lagos-based research and investment firm said in the report.
This comes as the naira traded at N1,529.22 against the dollar in the official foreign exchange market and N1,550 in the parallel market on Tuesday.
