Nigeria’s foreign exchange (FX) reserve is expected to rise to $41 billion by the end of December 2025.

This is according to CardinalStone’s mid-year outlook report.

The $41 billion in external reserves is slightly higher than the $40.88 billion recorded in 2024, with the naira sustaining its gains.

The expected rise in the country’s external 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, and possible inflows from portfolio investors are expected to also support 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.

This comes as the naira traded against the dollar at N1,529.22 and N1,550 in official and parallel foreign exchange markets, respectively, on Tuesday.