Oladele Oduniyi
Nigeria’s foreign exchange (FX) reserves are projected to reach $41 billion by the end of December 2025.
According to 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 rise in the FX reserves is attributed to plans by the federal government to raise a combined $3.2 billion in the second half of the year to meet some of its fiscal priorities.
Likely inflow from portfolio investors are expected to also support this projection
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.