*Says $2.34bn spent on food imports in 2025 despite decline in forex demand
Festus Akanbi
Nigeria’s external reserves have continued their upward trajectory, rising to $49.34 billion as the naira remained largely stable against the United States dollar, reinforcing investor confidence in the country’s foreign exchange market reforms and external sector outlook, according to the latest data released by the Central Bank of Nigeria (CBN).
This is just as the apex bank revealed that Nigeria spent approximately $2.34 billion on food imports in 2025, underscoring the country’s continued dependence on foreign food supplies despite a modest decline in foreign-exchange demand for food imports.The latest report released by the CBN showed that the nation’s gross official foreign reserves increased by $359.84 million week-on-week, climbing from $48.98 billion recorded at the close of the previous week to $49.34 billion as of May 26, 2026.The sustained growth in reserves reflected improving external liquidity conditions and underscored the gains from recent efforts by monetary authorities to strengthen foreign exchange market stability.
Analysts attributed the increase largely to steady inflows from crude oil exports, supported by relatively stable production levels and improved earnings from Nigeria’s oil sector.The development, they noted, has continued to bolster the country’s external buffers and enhance its ability to meet international obligations.
