The Central Bank of Nigeria (CBN) has announced that the nation’s foreign reserves have risen to over $46 billion, marking the highest level since 2018.
Governor Yemi Cardoso disclosed the milestone on Tuesday during the opening of the Monetary Policy Department’s 20th anniversary colloquium in Abuja. Speaking through Deputy Governor, Economic Policy Directorate, Dr. Muhammad Abdullahi, he noted that the reserves are sufficient to cover more than 10 months of imports, a sign of growing macroeconomic stability.
Dr. Abdullahi also indicated that lending rates could decline in the coming months, driven by the continued easing of inflation. He highlighted that this development could enhance credit accessibility and boost investment flows across the economy.
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Data from the CBN showed that the naira depreciated slightly by 0.4% at the Nigerian Foreign Exchange Market (NFEM), trading at ₦1,448.03 to the dollar on Monday, compared to ₦1,442.43 on Friday. Meanwhile, in the parallel market, the naira gained marginally, closing at ₦1,455 on Monday, up from ₦1,457 on Friday.
The growth in Nigeria’s external reserves, now at $46.7 billion, is largely attributed to the government’s Eurobond issuance and a surge in overall foreign exchange inflows. October 2025 was the strongest month for FX inflows since May, reflecting improved macroeconomic conditions and renewed interest from offshore investors.
However, Foreign Direct Investment (FDI) inflows declined, falling 25% month-on-month to $222 million, signaling continued challenges in attracting long-term external capital despite the boost in reserves.
