Nigeria’s foreign reserves have climbed to their highest level in years, crossing the $46 billion mark.
The CBN says the stronger reserves and easing inflation will help improve credit and economic stability.
Nigeria’s foreign reserves have risen above $46 billion, reaching the country’s strongest level since 2018. The update was given by Central Bank of Nigeria Governor Yemi Cardoso, who was represented by the Deputy Governor in charge of Economic Policy, Dr. Muhammad Abdullahi, at an event in Abuja marking 20 years of the CBN’s Monetary Policy Department.
Cardoso said the renewed strength of the reserves can now cover more than 10 months of imports, adding that this improvement provides a strong support base for the country’s macroeconomic stability. He noted that the CBN expects lending rates to ease soon, explaining that a steady drop in inflation will help businesses access credit and encourage more investment across key sectors.
Latest figures from the CBN showed the naira closing at ₦1,448.03 per dollar at the official market on Monday. However, on the parallel market, the currency gained slightly and settled at ₦1,455.
The jump in reserves to $46.7 billion has been linked to the federal government’s Eurobond issuance and stronger foreign exchange inflows. October 2025 also recorded the highest inflow level since May, supported by improved investor confidence and a more stable economic outlook.
However, Foreign Direct Investment fell by 25 percent month-on-month to $222 million, as insecurity and policy uncertainty continue to discourage long-term investors despite recent progress in the external reserves.
