Nigeria’s external reserves have climbed beyond the $46 billion threshold, according to Central Bank of Nigeria (CBN) Governor Yemi Cardoso, who delivered the update at a public forum.
Cardoso — represented by Dr. Muhammad Abdullahi, Deputy Governor of the Economic Policy Directorate — made the disclosure during the opening session of the Monetary Policy Department’s 20th anniversary colloquium held at the CBN headquarters in Abuja.
He announced that the reserves have hit a level last recorded in 2018, noting that the volume is capable of financing more than 10 months of import demand. Dr. Abdullahi added that lending rates are likely to ease in the near term as inflation moderates, boosting credit access and supporting stronger investment inflows.
Fresh data published by the CBN showed that the naira weakened slightly by 0.4% at the official window, where the US dollar traded at N1,448.03 on Monday, compared to N1,442.43 on Friday in the Nigerian Foreign Exchange Market (NFEM).
However, the currency appreciated marginally in the parallel market, gaining N2 to close at N1,455 on Monday from N1,457 the previous trading day. The rise in reserves, which has now reached $46.7 billion, has been linked to recent Eurobond issuances by the federal government and improved foreign exchange inflows.
October 2025 emerged as the strongest month for FX inflows since May, supported by better macroeconomic stability and heightened interest from offshore investors seeking opportunities in Africa’s largest economy.
Despite the improvement in inflows, Foreign Direct Investment (FDI) numbers dipped by 25% month-on-month to $222 million, underscoring persistent structural hurdles such as insecurity and policy inconsistencies that continue to discourage long-term capital.
Updated figures from the CBN portal further indicated that total external reserves stood at $43.971 billion as of November 17.
