CBN: Nigeria’s Reserves Rise to $46.7bn, Strongest Since 2018

By Oluwakemi Kindness

The Central Bank of Nigeria (CBN) on Tuesday announced that Nigeria’s foreign exchange reserves have risen to the highest level in seven years, reaching $46.7bn as of November 14, 2025,

CBN Governor Olayemi Cardoso, represented by the Deputy Governor for Economic Policy, Muhammad Abdullahi, disclosed the figures at an event marking the 20th Anniversary of the Bank’s Monetary Policy Department in Abuja.

He said it was the first time reserves would reach such a level since 2018.

Cardoso stated that the accretion reflects renewed investor confidence, improved oil revenue, and stronger balance-of-payments inflows.

“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,” he said.

According to him, the improved reserve position has contributed to the naira’s stabilisation, with the gap between the official and Bureau de Change rates now below 2 per cent.

The stronger currency outlook, he added, has encouraged greater foreign participation in Nigeria’s fixed-income and money markets, supported by clearer policy direction and tighter monetary conditions.

Cardoso also said the reforms driving foreign-currency inflows were supporting sustained disinflation. Headline inflation fell to 16.05 per cent in October 2025, down from a peak of 34.6 per cent in November 2024—marking seven consecutive months of decline and the lowest level in three years. Core inflation, he added, is also easing.

He noted that international perception of Nigeria’s macroeconomic direction had strengthened, with all three major global ratings agencies upgrading the country. Cardoso cited the recent revision of Nigeria’s outlook from stable to positive by S&P Global Ratings.

He further described Nigeria’s removal from the Financial Action Task Force (FATF) Grey List as a significant marker of progress, stating that it confirms the country’s alignment with global compliance standards.

The anniversary event also reviewed two decades of monetary policy evolution and the role of the CBN in stabilising the economy.