Nigeria’s foreign reserves have risen to over $46 billion, according to the governor of the Central Bank of Nigeria (CBN), Yemi Cardoso.
Cardoso, who was represented by the deputy governor in charge of the economic policy directorate, Dr. Muhammad Abdullahi, disclosed this at the opening of the monetary policy department’s 20th anniversary colloquium held on Tuesday, November 18, at the CBN headquarters in Abuja.
He noted that this is the first time Nigeria’s reserves have reached such a level since 2018, adding that the amount is sufficient to cover more than 10 months of imports.
According to Abdullahi, lending rates may ease in the coming months as inflation continues to decline, raising hopes for improved access to credit and increased investment inflows.
Data published by the CBN showed that the naira depreciated slightly by 0.4 percent, with the dollar quoted at N1,448.03 on Monday, November 17, compared to N1,442.43 on Friday, November 14, at the Nigerian Foreign Exchange Market (NFEM).
In the parallel market, however, the naira appreciated marginally by N2, closing at N1,455 on Monday as against N1,457 on Friday.
Nigeria’s external reserves, now at $46.7 billion, have been largely boosted by the federal government’s Eurobond issuance and increased foreign exchange inflows.
October 2025 recorded the country’s strongest month for FX inflows since May, supported by improved macroeconomic stability and renewed interest from offshore investors seeking opportunities in Africa’s largest economy.
However, Foreign Direct Investment (FDI) inflows dropped by 25 percent month-on-month to $222 million, reflecting ongoing structural challenges, including insecurity and policy uncertainty, that continue to discourage long-term capital.
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