BREAKING: Nigeria’s external reserves surpass $45 billion – first time in 6 years
Nigeria’s external reserves have officially crossed the $45 billion mark, marking the first time in six years that the country has reached this milestone, according to the Central Bank of Nigeria (CBN). The reserves now stand at $45.04 billion, reflecting a significant improvement from previous levels and underscoring a stronger position for the nation’s foreign exchange resources.
Data shows that Nigeria last held reserves at this level in July 2019, highlighting a six-year journey of fluctuating foreign exchange buffers. In September 2025, the reserves had already climbed to $42.03 billion, signaling the start of a consistent upward trend. In just a few months, the country has added nearly $5 billion to its reserves, a remarkable achievement given global economic challenges affecting many developing economies.
Experts attribute this growth to a combination of factors, including crude oil earnings, Eurobond transactions, and multilateral financing. Stronger reserves provide the CBN with more room to intervene in the foreign exchange market, stabilizing the naira and maintaining investor confidence. The steady buildup in November—from $43.26 billion at the start of the month to $44.67 billion by month-end—demonstrates a consistent inflow rather than a temporary spike.
The momentum continued into early December, with reserves surpassing the $45 billion mark on December 4. This milestone carries significant implications for Nigeria’s economy and the broader financial market. A robust reserve position improves the country’s ability to meet external obligations, finance imports, and absorb potential external shocks, making it an attractive environment for both domestic and foreign investors.
The naira, which closed last week at N1,454/$1, faces seasonal pressures as importers, retailers, and consumers increase demand for dollars ahead of Christmas and New Year celebrations. However, the strengthened reserves offer a buffer to manage foreign exchange volatility, signaling a healthier FX market and providing reassurance to investors and businesses navigating Nigeria’s financial landscape.
source: Nairametrics