By Jemimah Wellington, JKNewsMedia Correspondent
EXTERNAL RESERVES surged past the $45 billion mark, reaching levels not seen since July 2019, the Central Bank of Nigeria (CBN) has reported.
Latest figures by the apex bank shows the reserves now stand at $45.04 billion, up from $42.03 billion on September 19, 2025, representing an accumulation of nearly $5 billion in just a few months.
The CBN described the rise as a steady, consistent buildup rather than a temporary spike stating that November opened with reserves at $43.26 billion, maintaining levels above the $43 billion threshold for several days.
Also, by November 18, reserves had increased to $44.05 billion and closed the month at $44.67 billion, marking one of the strongest month-end positions in recent times, the bank added.
The upward trend continued into December.
On December 4, the external reserves breached the $45 billion barrier, signalling robust foreign exchange liquidity.
The CBN noted that the steady accumulation from $43 billion in early November to $45 billion by December reflects improved inflows rather than temporary gains.
CBN Governor Olayemi Cardoso reported last month that reserves had reached $46.7 billion as of November 14, 2025.
Representing the apex bank at the 20th Anniversary of the Monetary Policy Department, Deputy Governor in charge of Economic Policy, Dr Muhammad Abdullahi, stated that the reserves had achieved a new high, the first since 2018.
Cardoso attributed the milestone to renewed investor confidence, improved oil receipts, and stronger balance-of-payments inflows.
He said: “Foreign reserves have risen to $46.7bn as of November 14, 2025, providing 10.3 months of import cover in goods and services, supported by sustained inflows and renewed investor participation across various asset classes.
This accretion reflects investor confidence in our policies leading to improved oil receipts, stronger balance of payments, and renewed foreign portfolio inflows.”
The governor highlighted that the stronger reserve position has contributed to stabilising the naira, with the gap between official and Bureau de Change windows narrowing to below 2 percent.
He added that the currency’s recovery has encouraged foreign participation in Nigeria’s fixed-income and money markets, driven by clearer policy signals and tighter monetary conditions.
Cardoso also linked reforms supporting foreign-currency inflows to sustained disinflation. Headline inflation fell to 16.05 per cent in October 2025 from a peak of 34.6 per cent in November 2024.
He described this as “seven consecutive months of disinflation” and “the lowest in three years,” noting that core inflation is also beginning to ease.
The CBN emphasised that the increase in external reserves reflects broader improvements in Nigeria’s foreign exchange environment. According to the bank, the rise has been gradual and consistent, with inflows underpinning the resilience of the national currency.
Reviewing the November trajectory, reserves maintained a firm footing above $43 billion throughout the month.
The CBN’s data also showed that by mid-November, the reserves had risen steadily, reaching $44.05 billion before closing at $44.67 billion.
Early December figures indicated that reserves remained within the $44 billion range before surpassing $45 billion on December 4.
The bank’s leadership stressed that the growth in reserves is a product of sustained policy measures and favourable economic conditions, rather than isolated interventions.
Cardoso pointed to the correlation between higher reserves and investor engagement across multiple asset classes.
Dr Abdullahi, reflecting on the bank’s two-decade milestone, stressed the significance of the reserve levels achieved describing the rise as a critical indicator of policy effectiveness and a measure of financial stability.
