Financial experts in the country have commended the Federal Government for raising Nigeria’s external reserves to 42 billion Dollars, the highest in more than five years.
This is as they urged Government to sustain the gains by strengthening the Naira, supporting production, and creating a friendlier business climate to ensure broader benefits for citizens.
One of the experts, Prof. Sherifdeen Tella of Babcock University while lauding the achievement the achievements of the Government, insisted that improving the Naira’s value remained crucial for boosting productivity and reducing dependence on imports.
Tell noted that a stronger currency would enhance living standards and gradually reduce poverty. And while robust reserves will boost international confidence and support borrowing from global financial institutions.
Fielding questions from the News Agency of Nigeria Tella said, “The reserves’ rise is commendable, but its impact has yet to cushion the austerity created by ongoing economic reforms.”
On his part, a former CIBN Executive Secretary, Dr Uju Ogubunka, congratulated government on the milestone. He, however, noted that many Nigerians are yet to feel the real economic benefits.
He said, “People are losing jobs and firms are shutting down, leaving livelihoods increasingly unsustainable despite the higher reserves.”
Ogubunka called for urgent relief measures to help the citizens.
He emphasized that import costs remain high, pressing government to create enabling conditions for domestic production and viable alternatives to imported goods.
The CEO of Unique Shareholders Association of Nigeria, Alaga Kolawole while praising the development stressed the urgent need of investment in critical sectors to stimulate growth and reduce poverty.
According to him, innovative programmes were needed to empower people in rural communities, ensuring the reserves translate into widespread and inclusive economic gains.
According to Central Bank of Nigeria, CBN, data, Nigeria’s external reserves climbed to $42.03 billion on Sept. 19, 2025. The strongest level since September 2019.
The figure reflects a significant rebound from earlier lows this year. Thus, offering renewed optimism about Nigeria’s foreign exchange stability. And highlighting a steady improvement since July.
source: NAN