Nigeria’s external reserves have crossed the $45 billion mark, according to the latest data released by the Central Bank of Nigeria (CBN).
The reserves, which now stand at $45.04 billion, represent one of the strongest positions the country has recorded in the last six years, marking a significant leap from previous levels.
Checks by Nairametrics show that the last time Nigeria’s reserves reached this territory was July 23, 2019, when they stood at $45.04 billion.
Nairametrics also earlier reported that the external reserves climbed to $42.03 billion on September 19, 2025, marking the highest level since late September 2019 and setting a six-year (72-month) peak.
This means the nation has added nearly $5 billion to its reserves within a short period—an impressive turnaround at a time when many developing economies are struggling with declining FX buffers.
The modest increase signals improved inflows, possibly from crude oil earnings, Eurobond-related transactions, or multilateral financing. Stronger reserves often provide the apex bank with more room to intervene in the FX market if necessary.
How the reserves performed in November
Nairametrics observed that the buildup in Nigeria’s external reserves is not a one-off spike but a steady, consistent accumulation that reflects improving foreign exchange conditions.
The month began with reserves at $43.26 billion, maintaining a firm hold above the $43 billion threshold for several days. By November 18, the reserves climbed to $44.05 billion, signalling growing inflows and reduced pressure on the foreign exchange market. They continued on this upward trajectory, closing the month at $44.67 billion, one of the strongest month-end positions recorded in recent times.
The momentum carried into December, with the reserves starting the month still within the $44 billion range. Then, on December 4, Nigeria’s external reserves crossed the $45 billion mark, a psychological and economic milestone that further indicates robust FX liquidity.
What This Means
Nigeria’s external reserves crossing the $45 billion threshold for the first time in years carries several significant implications for the economy, investors, and the broader foreign exchange landscape.
A reserve level above $45 billion gives the CBN a stronger shield to manage foreign exchange pressures.
Foreign investors—particularly portfolio investors—often watch reserve levels as a measure of a country’s external health. Surpassing $45 billion signals that Nigeria is better positioned to meet external obligations, finance imports, and withstand external shocks. This can encourage more capital inflows, especially into the fixed-income and equities markets.
The steady buildup from $43 billion at the start of November to $45 billion by early December suggests improved inflows rather than temporary gains.
What you should know
Nairametrics reported that the closed last week at N1,454/$1 on Friday as rising festive-season spending intensified pressure on the foreign exchange market.
After maintaining relative stability in recent weeks, the currency faced renewed strain as importers, retailers, and consumers increased their demand for dollars in preparation for Christmas and New Year activities.
