Nigeria’s Reserves Hit $46.7bn, Offering Over 10 Months’ Import Cover

Nigeria’s external reserves have climbed to $46.7 billion as of 14 November 2025, the highest level since 2018. The reserve build‑up gives the country more than 10 months’ worth of import cover, signalling a markedly improved external balance.

CBN Governor Yemi Cardoso, represented by Deputy Governor Dr Muhammad Abdullahi, disclosed the figure at the opening of the CBN’s Monetary Policy Department 20th anniversary colloquium in Abuja.

He attributed the rise to stronger oil receipts, renewed portfolio inflows and improved investor confidence in Nigeria’s macroeconomic framework.

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The surge in reserves comes at a time when the naira remains under pressure, and the central bank is actively managing FX liquidity. While the higher reserves bolster confidence and provide a buffer against external shocks, analysts caution that maintaining strong inflows remains crucial for sustaining the advantage.

Governor Cardoso also signalled that the favourable external position could pave the way for looser monetary policy. He suggested that as inflation moderates, lending rates may come down, improving credit access and investment flows.

However, structural challenges persist. Despite the reserve milestone, the currency market shows signs of strain: the naira’s depreciation in November, tight FX supply and sluggish foreign direct investment flows – the latter falling to $222 million in recent data – underline that the external picture is improving, but not yet fully robust.

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The reserves gain provides Nigeria with stronger external credentials and may enhance its credit standing, but sustaining the momentum will require continued export performance, improved non‑oil receipts and deeper structural reforms.

In short, the headline “$46.7 billion” is a milestone; the next task for policymakers is to convert that buffer into enduring resilience.