Nigeria’s External Reserves Reach Six-Year High Above $45 Billion

Nigeria’s external reserves have reached a six-year peak, surpassing the $45 billion mark. The Central Bank of Nigeria (CBN) reported that reserves stood at $45.04 billion, up from $42.03 billion in September 2025. This represents a nearly $5 billion increase in a short period, reflecting consistent accumulation and improved foreign exchange conditions.

Data shows that reserves began November at $43.26 billion, rising steadily to close at $44.67 billion by month-end. By December 4, the reserves crossed $45 billion, signaling strong FX liquidity. The CBN Governor, Olayemi Cardoso, had earlier reported that reserves reached $46.7 billion as of November 14, 2025, providing over ten months of import cover for goods and services.

Speaking at the 20th Anniversary of the Monetary Policy Department, Deputy Governor Dr. Muhammad Abdullahi attributed the milestone to renewed investor confidence, improved oil receipts, and stronger balance-of-payments inflows. Cardoso noted that the strengthened reserve position has helped stabilise the naira, narrowing the gap between official and Bureau de Change rates to below 2 percent. He also observed that the reforms driving foreign-currency inflows have contributed to sustained disinflation, with headline inflation easing to 16.05 percent in October 2025 from a peak of 34.6 percent in November 2024, marking seven consecutive months of declining inflation.