APC Commends FG, CBN Over Rising Forex Reserves

The Lagos State chapter of the All Progressives Congress (APC) has commended the Central Bank of Nigeria (CBN) and the Federal Government following the rise in Nigeria’s foreign exchange reserves to a record $41bn, the highest level in nearly four years.

In a statement issued by the party’s spokesperson, Seye Oladejo, on Thursday, the party described the reserves milestone as a major economic achievement and a reflection of effective fiscal and monetary policy coordination under the administration of President Bola Tinubu.

“This milestone is not only a testament to the sound economic policies of the current administration but also a clear indication of growing investor confidence, improved fiscal discipline, and strategic management of the nation’s resources,” Oladejo said.

According to data from the CBN, Nigeria’s external reserves climbed to $41.00bn as of August 19, 2025 — the strongest level since December 2021.

The reserves gained $1.46bn within the first 19 days of August, representing a 3.69 percent increase, and averaging about $81m in daily inflows.

The Lagos APC credited the surge to ongoing reforms in key sectors such as oil and gas, financial services, and non-oil exports, which it said are beginning to yield tangible economic results.

While this is a positive trend, the year-to-date growth remains modest.

Nigeria’s reserves stood at $40.88bn at the end of December 2024, meaning the current level reflects an increase of just $124m, or 0.30 percent.

Meanwhile, the naira continues to face challenges in the foreign exchange market.

Despite increased dollar inflows, the currency weakened slightly in the official market on Wednesday, trading at N1,536.73 per dollar compared to N1,534.93 the previous day.

In the parallel market, the exchange rate remained unchanged at N1,545 per dollar.

However, the APC expressed optimism that sustained policy reforms and strategic economic management would help strengthen the naira and further stabilise the macroeconomic environment.

Reaffirming its support for the “Renewed Hope Agenda,” the party urged the Federal Government and the CBN to maintain momentum in their drive toward economic diversification, transparency, and inclusive growth.

“We recognise the bold and decisive actions taken by the CBN, in collaboration with the Federal Government, to stabilise the exchange rate, improve liquidity, and attract foreign direct investment.

“The rise in forex reserves will provide critical support for the naira, enhance Nigeria’s ability to meet international financial obligations, and strengthen the overall macroeconomic environment.

“This achievement also reflects the success of ongoing reforms across key sectors, including oil and gas, financial services, and the non-oil export market. These reforms are already yielding positive results in strengthening Nigeria’s economic fundamentals and positioning the country for sustainable growth,” Oladejo said.

“We congratulate the CBN Governor, the Minister of Finance, and all key stakeholders for this laudable achievement, and we look forward to continued progress in Nigeria’s economic recovery and transformation journey,” he added.

APC Commends FG, CBN Over Rising Forex Reserves is first published on The Whistler Newspaper