Nigeria’s foreign reserves climbed by over $5 billion in the third quarter of 2025, reaching $42.225 billion as of September 25, according to new figures from the Central Bank of Nigeria (CBN).
The reserves, now at their highest level in six years, were boosted by increased oil exports, robust remittance inflows, and renewed investor confidence. Analysts also cited successful reforms and enhanced transparency measures introduced by the apex bank as key drivers.
Despite fluctuations in global oil prices and the CBN’s interventions in the foreign exchange market, September saw consistent inflows that helped bolster the reserves. The inflows were further strengthened by Dangote Refinery’s export activities and improved crude production that enabled Nigeria to meet its OPEC quota.
TrustBanc Financial Group noted that total FX inflows into Nigeria reached $35.21 billion within the first eight months of 2025, already surpassing the full-year 2024 figure of $31.11 billion. This marks the highest inflow level in eight years.
The distribution of inflows has also become more balanced, with foreign investors contributing 33% and the CBN accounting for 14%. This has reduced risks associated with concentration.
The CBN also rolled out the Bloomberg BMatch system under its Electronic Foreign Exchange Matching System (EFEMS), a reform that has increased efficiency and visibility in FX transactions.
While monthly interventions by the apex bank averaged $605.6 million since September 2024, analysts stressed that these were only targeted at correcting short-term distortions, not fixing the exchange rate at any particular level.
