Nigeria’s external reserves have surged past the $45 billion threshold for the first time in six years, marking one of the country’s strongest foreign exchange positions since July 2019, according to fresh data released by the Central Bank of Nigeria (CBN).
The latest figures show the nation’s external buffers now stand at $45.04 billion as of December 4, 2025 — a major leap from $42.03 billion recorded on September 19.
The increase reflects an impressive build-up of nearly $5 billion within a relatively short period, signalling improved liquidity and stronger balance-of-payments performance.
The reserves have been on a steady upward trend for months. Data shows that November opened with the buffers at $43.26 billion, maintaining stability above the $43 billion mark for several days. By November 18, they climbed to $44.05 billion, before closing the month at $44.67 billion, one of the highest month-end positions in recent years.
The upward trajectory continued into December, culminating in the crossing of the historic $45 billion line — a milestone that analysts say reflects not just temporary inflows but sustained foreign exchange improvements.
CBN Governor Olayemi Cardoso, represented by the Deputy Governor for Economic Policy, Dr. Muhammad Abdullahi, recently disclosed that the reserves had even reached $46.7 billion as of November 14, during an address at the 20th Anniversary of the Monetary Policy Department.
He described the reserve build-up as a product of renewed investor confidence, stronger oil revenue, and robust portfolio inflows, noting that the current levels provide 10.3 months of import cover — the strongest buffer Nigeria has had since 2018.
“This accretion reflects investor confidence in our policies, leading to improved oil receipts, stronger balance of payments, and renewed foreign portfolio inflows,” Cardoso said.
He further explained that the stronger reserve position has been instrumental in stabilising the naira, adding that the gap between official and Bureau De Change (BDC) market rates has narrowed to below 2 percent — the closest alignment seen in years.
With reserves approaching the $47 billion mark, Nigeria appears poised to reinforce the stability of its currency and deepen its ability to absorb external shocks — a significant boost as the nation navigates global economic uncertainties.
