By Atoyebi Nike
Nigeria’s external sector gained momentum in the second quarter of 2025, as the country’s current account surplus rose to $5.28 billion, up from $2.85 billion in Q1, according to new data released by the Central Bank of Nigeria (CBN).
The apex bank disclosed that gross external reserves also increased to $43.05 billion as of September 11, providing 8.28 months of import cover the highest level since 2019. The CBN said the growth reflects sustained exchange rate stability, tighter monetary policies, and moderated petroleum product prices, all of which strengthened the balance of payments outlook.
The latest figures show that Nigeria’s reserves gained $692 million in just 18 days, continuing an upward trend since July 14, 2025. The last time reserves neared this level was September 2019, when they stood at $41.99 billion.
On monetary policy adjustments, the CBN explained that the Monetary Policy Committee recently reduced the Cash Reserve Ratio (CRR) for commercial banks from 50% to 45%, a move designed to ease liquidity pressures and support productive lending. To curb excess liquidity from public sector accounts outside the Treasury Single Account (TSA), the MPC simultaneously introduced a 75% CRR on non-TSA deposits.
“These measures ensure stability while giving banks more space to lend to the real economy, especially MSMEs,” the CBN said, stressing its balance between inflation control and economic growth.
The apex bank reiterated that it will continue to act as a lender of last resort, providing short-term liquidity support through its Standing Lending Facility to maintain systemic stability.
