Nigeria’s external reserves have reached a six-year high, surpassing the $45 billion mark. According to the Central Bank of Nigeria (CBN), the country’s external buffers now stand at $45.04 billion, with the last peak recorded on July 23, 2019, at $45.04 billion. This significant increase indicates a substantial accumulation of foreign exchange reserves, with nearly $5 billion added to the nation’s reserves within a short period.
The rise in external reserves reflects improving foreign exchange conditions, characterized by a steady and consistent accumulation. Data shows that November began with reserves at $43.26 billion, maintaining a firm hold above the $43 billion threshold for several days. By November 18, the reserves climbed to $44.05 billion, closing at $44.67 billion, one of the strongest month-end positions recorded in recent times. The increase continued into December, with the reserves starting the month still within the $44 billion range, before crossing the $45 billion mark on December 4.
The CBN Governor, Olayemi Cardoso, recently stated that the reserves had reached $46.7 billion as of November 14, 2025, representing a new high level since 2018. Cardoso attributed the milestone to renewed investor confidence, improved oil receipts, and stronger balance-of-payments inflows. The reserves provide 10.3 months of import cover in goods and services, supported by sustained inflows and renewed investor participation across various asset classes.
The stronger reserve position has contributed to the naira’s stabilization, with the gap between the official and Bureau de Change windows narrowing to below 2 percent. The currency’s recovery has encouraged foreign participation in Nigeria’s fixed-income and money markets, with investors responding to clearer policy signals and tighter monetary conditions. The reforms driving foreign-currency inflows have also translated into sustained disinflation, with headline inflation easing to 16.05 percent in October 2025, from 34.6 percent at its peak in November 2024.
The increase in external reserves is a significant development for Nigeria’s economy, indicating a positive trend in foreign exchange conditions and investor confidence. As the country continues to implement policies aimed at strengthening its economy, the growth in external reserves is expected to have a positive impact on the nation’s economic stability and growth prospects.