Nigeria’s external reserves have risen to a six‑year high, surpassing the $45 billion mark. The Central Bank of Nigeria (CBN) reports that the country’s external buffers now stand at $45.04 billion, matching the peak recorded on July 23, 2019. This increase reflects a substantial accumulation of foreign‑exchange reserves, with nearly $5 billion added in a short period.
The rise in reserves signals improving foreign‑exchange conditions, characterized by steady and consistent accumulation. In November, reserves began at $43.26 billion and remained above the $43 billion threshold for several days. By November 18, they had climbed to $44.05 billion, closing the month at $44.67 billion—one of the strongest month‑end positions in recent times. The upward trend continued into December; reserves started the month within the $44 billion range and crossed the $45 billion mark on December 4.
CBN Governor Olayemi Cardoso recently noted that reserves reached $46.7 billion as of November 14, 2025, a new high since 2018. She attributed this milestone to renewed investor confidence, improved oil receipts, and stronger balance‑of‑payments inflows. The reserves now provide 10.3 months of import cover for goods and services, supported by sustained inflows and renewed investor participation across various asset classes.
The stronger reserve position has helped stabilize the naira, narrowing the gap between the official and Bureau de Change windows to below 2 percent. This currency recovery has encouraged foreign participation in Nigeria’s fixed‑income and money markets, as investors respond to clearer policy signals and tighter monetary conditions. The reforms driving foreign‑currency inflows have also contributed to sustained disinflation, with headline inflation easing to 16.05 percent in October 2025, down from a peak of 34.6 percent in November 2024.
Overall, the increase in external reserves marks a significant development for Nigeria’s economy, indicating positive trends 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 bolster economic stability and enhance growth prospects.
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