Nigeria’s Foreign Reserves Climb to $46 billion, CBN Says

Nigeria’s Foreign Reserves Climb to $46 billion, CBN Says

Nigeria’s foreign reserves surged past $46 billion, Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, said at a forum.

Cardoso, who was represented by the Deputy Governor of the Economic Policy Directorate, Dr. Muhammad Abdullahi, disclosed this at the opening of the Monetary Policy Department’s 20th anniversary colloquium at the CBN headquarters in Abuja

He said it was the first time the country had reached such a level since 2018, adding that the number could cover over 10 months of imports. According to the deputy governor, lending rates may decline in the coming months as inflation continues to ease, raising hopes for improved access to credit and stronger investment flows.

Data published by the Central Bank of Nigeria (CBN) showed that the naira depreciated marginally by 0.4 percent as the dollar was quoted at N1,448.03 on Monday, compared to N1,442.43 on Friday at the Nigerian Foreign Exchange Market (NFEM).

In the parallel market, the naira gained slightly by N2, closing at N1,455 on Monday as against N1,457 on Friday. Nigeria’s external reserves reaching the $46.7 billion mark have been largely attributed to the federal government’s Eurobond issuance and rising FX inflows.

October 2025 marked the country’s strongest month for foreign exchange inflows since May, boosted by improved macroeconomic stability and renewed appetite from offshore investors seeking opportunities in Africa’s largest economy.

However, Foreign Direct Investment (FDI) inflows fell by 25 per cent month-on-month to $222 million, reflecting persistent structural challenges such as insecurity and policy uncertainty that continue to deter long-term capital.

Updated data obtained from the CBN portal showed that gross external reserves printed at $43.971 billion as November 17. Dangote Cement Plunges as Investors Trim Shareholding