In a significant boost for the nation’s economy, Nigeria’s foreign reserves have climbed to a seven-year high of $46.7 billion, the Central Bank of Nigeria announced on Tuesday.
The CBN Governor, Mr Olayemi Cardoso, revealed that the figure, recorded as of 14th November 2025, represents the highest level of reserves the country has held since 2018. He stated that this milestone signals renewed international confidence in Nigeria’s economic policies.
Speaking at the 20th Anniversary of the Monetary Policy Department in Abuja, Governor Cardoso, who was represented by the Deputy Governor in charge of Economic Policy, Dr Muhammad Abdullahi, linked the reserves surge to improved oil earnings and increased foreign investments.
“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,” Cardoso told the gathering.
He emphasised that “This accretion reflects investor confidence in our policies leading to improved oil receipts, stronger balance of payments, and renewed foreign portfolio inflows.”
The Governor further argued that this strengthened reserve position has been fundamental to the recent stabilisation of the Naira. He noted that the gap between the official and parallel market exchange rates has now narrowed to below 2 per cent.
According to him, the currency’s recovery has encouraged foreign investors to re-enter Nigeria’s fixed-income and money markets, responding to clearer policy signals from the apex bank.
Cardoso also pointed out that the economic reforms driving foreign currency inflows have resulted in a sustained period of disinflation. Recent data shows headline inflation eased to 16.05 per cent in October 2025, a notable drop from its peak of 34.6 per cent in November 2024.
He described this decline as “seven consecutive months of disinflation” and “the lowest in three years,” adding that core inflation was also beginning to soften.
The Governor stated that Nigeria’s improved economic indicators have garnered positive recognition globally, with all three major international ratings agencies upgrading the country. He specifically cited S&P Global Ratings, which recently revised Nigeria’s outlook from stable to positive.
He also described Nigeria’s removal from the Financial Action Task Force’s Grey List as a further boost to international confidence, demonstrating the country’s “full alignment with global standards.”
In his opening remarks at the event, the Director of the Monetary Policy Department, Dr Victor Oboh, stated that the country’s economic recovery had become strong enough for Nigerians to “see a brighter future” after years of instability.
Dr Oboh contrasted the current gains with the situation he met upon joining the Bank in October 2023, which he described as one of the most fragile periods in recent history.
He warned, however, that key challenges remain, particularly the need for better alignment of fiscal policies between the federal and state governments.
The event also featured a lecture from a former Monetary Policy Committee member, Prof Abdul-Ganiyu Garba, while the International Monetary Fund’s Resident Representative for Nigeria, Dr Christian Ebeke, reaffirmed the Fund’s support for Nigeria’s ongoing reforms.
This reserves surge follows closely on the heels of the Federal Government’s successful raise of $2.35 billion from its latest Eurobond issuance, providing a significant external inflow that has bolstered the nation’s economic standing.
