Nigeria’s external reserves have reached a six-year peak, surpassing the $45 billion mark, according to the latest data from the Central Bank of Nigeria (CBN).
The reserves now stood at $45.04 billion, matching levels last seen on July 23, 2019.
This growth reflected an increase of nearly $5 billion over a short period, underlining steady improvements in foreign exchange liquidity and inflows.
A breakdown of the reserves trend showed consistent gains throughout November and early December.
Starting November at $43.26 billion, the reserves rose to $44.05 billion by mid-month and closed at $44.67 billion, before crossing the $45 billion threshold on December 4.
The CBN attributed the rise to improved oil earnings, stronger balance-of-payments inflows, and renewed investor confidence in the country’s monetary and fiscal policies.
Speaking at the 20th anniversary of the Monetary Policy Department, Deputy Governor Dr. Muhammad Abdullahi noted that the stronger reserve position has supported naira stabilisation, narrowing the gap between official and Bureau de Change rates to below two per cent.
CBN Governor Olayemi Cardoso highlighted that foreign reserves reached $46.7 billion as of November 14, 2025, providing 10.3 months of import cover.
The improved reserve position has encouraged foreign participation in Nigeria’s fixed-income and money markets.
The robust reserves buildup coincided with a period of sustained disinflation.
Headline inflation fell 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 decline. Core inflation is also showing signs of easing.
The CBN emphasised that these developments demonstrate the effectiveness of ongoing economic reforms in boosting foreign inflows, stabilizing the naira, and curbing inflationary pressures.
