Abuja — The Central Bank of Nigeria (CBN) announced that Nigeria’s external reserves have risen to US $46.7 billion as of November 14, 2025, marking the highest level recorded since 2018.
The figure, revealed by CBN Governor Yemi Cardoso during the opening of the Monetary Policy Department’s 20th anniversary colloquium in Abuja, equates to roughly 10.3 months of import cover in goods and services.
Governor Cardoso linked the accretion of reserves to “sustained inflows and renewed investor participation across various asset classes,” including stronger oil receipts and enhanced portfolio inflows.
He noted that the improvement aligns with recent strength in the naira exchange rate, moderation in inflation, and narrowing spreads between the official and bureau‑de‑change rates — structural advances that underpin investor confidence.
Analysts attribute much of the inflows to Nigeria’s recent Eurobond issuance, robust foreign‑exchange inflows in October and an uptick in foreign portfolio investment seeking high‑yield opportunities in the country.
While the milestone is welcome, observers caution that sustaining the figure depends on preserving macro‑economic discipline, addressing structural risks such as insecurity, oil‑sector volatility and policy uncertainty, and ensuring that the reserves are effectively leveraged for long‑term stability rather than short‑term fixes.
— Dalena Reporters