Nigeria’s external reserves have risen above the $45 billion mark, reaching levels not seen since July 2019. Data released by the Central Bank of Nigeria showed reserves at $45.04 billion, up from $42.03 billion in September 2025, reflecting a nearly $5 billion increase in a short period.
The reserves have grown steadily from $43.26 billion at the start of November to over $45 billion by early December, demonstrating improved foreign exchange inflows rather than temporary spikes. The buildup of reserves indicates stronger liquidity in the country’s foreign exchange market.
Last month, CBN Governor Olayemi Cardoso said the reserves had reached $46.7 billion as of November 14, providing 10.3 months of import cover for goods and services. Deputy Governor Dr Muhammad Abdullahi, speaking at the 20th anniversary of the Monetary Policy Department, noted the reserves milestone as the highest level attained since 2018.
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Cardoso linked the stronger reserve position to renewed investor confidence, higher oil receipts and improved balance-of-payments inflows. He said the gains had supported the stabilisation of the naira, narrowed the gap between official and Bureau de Change rates, encouraged foreign participation in financial markets, and contributed to falling inflation, which eased to 16.05 percent in October 2025.
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