Nigeria’s foreign reserves have climbed above $46 billion, marking the country’s highest reserve level since 2018. The disclosure was made by the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, represented by the Deputy Governor in charge of the Economic Policy Directorate, Dr. Muhammad Abdullahi, at the opening of the Monetary Policy Department’s 20th anniversary colloquium in Abuja.
According to Abdullahi, the strengthened reserve position is robust enough to cover over 10 months of imports, reflecting improved external buffers and growing investor confidence.
He further noted that lending rates may begin to ease in the coming months as inflation moderates, a development expected to improve access to credit and stimulate stronger investment flows across the economy.
Recent foreign exchange market data published by the CBN shows that the naira depreciated slightly by 0.4%, trading at N1,448.03 per dollar on Monday compared to N1,442.43 on Friday at the Nigerian Foreign Exchange Market (NFEM).
In the parallel market, however, the naira appreciated by N2, closing at N1,455 on Monday from N1,457 on Friday.
Officials attribute the rise in external reserves — now at $46.7 billion — to the federal government’s Eurobond issuance and improved foreign exchange inflows. October 2025 recorded the strongest FX inflows since May, supported by enhanced macroeconomic stability and renewed interest from offshore investors targeting opportunities in Africa’s largest economy.
Despite these gains, Foreign Direct Investment (FDI) inflows declined by 25% month-on-month to $222 million, underscoring persistent structural challenges, including insecurity and policy inconsistencies, which continue to discourage long-term capital commitments.
