Nigeria’s FX Reserves Hit $45bn, Highest In 6 Years

Nigeria’s external reserves have surpassed the $45 billion mark, reaching $45.04 billion, according to the latest data released by the Central Bank of Nigeria (CBN).

The new figure represents one of the country’s strongest reserve positions in the last six years.

The previous time reserves stood at this level was on July 23, 2019, when they rose to $45.04 billion.

Earlier reports indicated that the reserves had climbed to $42.03 billion as of September 19, 2025, the highest level since late September 2019.

This means Nigeria has added nearly $5 billion to its external buffers within a relatively short period, a notable turnaround when many developing economies grapple with shrinking foreign exchange reserves.

Analysts attributed the steady rise to improved foreign currency inflows, likely from crude oil earnings, Eurobond transactions, and multilateral financing.

A stronger reserve position also gives the apex bank more room to intervene in the foreign exchange market when needed.

Performance in November showed that the growth was not a one-off spike but a consistent buildup. The reserves opened the month at $43.26 billion and crossed $44 billion by November 18. They closed November at $44.67 billion, one of the strongest month-end positions in recent years.

The momentum extended into December, with reserves remaining above $44 billion before finally crossing the psychological $45 billion threshold on December 4, signalling stronger foreign exchange liquidity.

Economists said the milestone strengthens the CBN’s capacity to manage exchange rate pressures and boosts investors’ confidence.

Higher reserves also reassure foreign portfolio investors that Nigeria can meet external obligations, finance imports, and withstand global economic shocks, which could encourage more capital inflows.