By Francis Ajuonuma
Nigeria’s external reserves have climbed above the $45 billion mark for the first time in six years, according to fresh data released by the Central Bank of Nigeria (CBN), signalling renewed strength in the country’s foreign-exchange position.
The apex bank’s latest figures show the reserves now stand at $45.04 billion, a level last recorded on July 23, 2019.
The buffers had risen from $42.03 billion as of September 19, 2025—an accretion of nearly $5 billion within a short period, reflecting firmer FX inflows and improving market confidence.
The reserves’ ascent was steady throughout November. They opened the month at $43.26 billion, held consistently above $43 billion, and climbed to $44.05 billion by November 18.
They closed November at $44.67 billion, one of the strongest month-end positions in recent years.
The upward momentum continued into early December, with the threshold crossing to $45 billion on December 4.
CBN Governor Olayemi Cardoso, represented by Deputy Governor for Economic Policy Dr Muhammad Abdullahi at the 20th Anniversary of the Monetary Policy Department, revealed that reserves had actually reached $46.7 billion as of November 14, 2025, the highest level since 2018.
Cardoso explained that the strengthened reserve position—providing 10.3 months of import cover—reflects renewed foreign investor participation, improved oil receipts, and stronger balance-of-payments inflows.
“This accretion reflects investor confidence in our policies, leading to improved oil receipts, stronger balance of payments, and renewed foreign portfolio inflows,” he said.
Cardoso added that the improved reserve buffers have helped stabilise the naira, noting that the gap between the official market and Bureau de Change rates has narrowed to below two per cent.
The stabilisation, he said, is encouraging fresh inflows into Nigeria’s fixed-income and money markets as monetary reforms continue to tighten policy conditions.
He further stated that reforms driving FX inflows are complementing the country’s disinflation trend. Headline inflation eased to 16.05 per cent in October 2025, down from a peak of 34.6 per cent in November 2024, marking seven consecutive months of disinflation and the lowest level in three years. Core inflation has also begun to moderate.
The CBN maintains that the stronger external reserve position is a critical anchor for macroeconomic stability and a key element in sustaining confidence in ongoing monetary reforms.
