Financial experts welcomed Nigeria’s reserves hitting $42bn, the highest in over five years, but stressed the need for a stronger naira.
Some financial experts have praised the Federal Government for raising Nigeria’s external reserves to $42 billion, the highest in more than five years.
They urged government to sustain the gains by strengthening the naira, supporting production, and improving the business environment.
Prof. Sherifdeen Tella of Babcock University described the milestone as commendable but stressed that “the reserves’ rise is commendable, but its impact has yet to cushion the austerity created by ongoing economic reforms.”
Former CIBN Executive Secretary, Dr Uju Ogubunka, noted that while the achievement boosts international confidence, “people are losing jobs and firms are shutting down, leaving livelihoods increasingly unsustainable despite the higher reserves.”
Mr Alaga Kolawole, CEO of Unique Shareholders Association of Nigeria, said the gains should be channelled into investment in critical sectors and rural empowerment.
According to Central Bank data, Nigeria’s reserves stood at $42.03 billion on Sept. 19, 2025, their strongest level since September 2019.