Nigeria’s foreign reserves have surged past $46 billion, marking the highest level recorded since 2018, according to Central Bank of Nigeria (CBN) Governor Yemi Cardoso.
Cardoso, represented by the Deputy Governor in charge of Economic Policy, Dr. Muhammad Abdullahi, disclosed the development on Tuesday during the opening session of the Monetary Policy Department’s 20th Anniversary Colloquium at the CBN headquarters in Abuja.
He noted that the current reserve level is strong enough to cover more than 10 months of imports, signalling improved external stability for the economy.
Abdullahi also projected that lending rates may begin to ease in the coming months as inflation gradually retreats, a shift expected to boost credit access and stimulate investments.
Latest exchange rate data released by the CBN showed the naira depreciated slightly by 0.4% on Monday, trading at ₦1,448.03/$ compared to ₦1,442.43/$ last Friday at the Nigerian Foreign Exchange Market (NFEM).
In the parallel market, however, the naira appreciated marginally, closing at ₦1,455/$ on Monday from ₦1,457/$ on Friday.
Analysts attribute the swelling reserves now at $46.7 billion to the Federal Government’s recent Eurobond issuance, alongside rising foreign exchange inflows and renewed investor confidence.
October 2025 also recorded the highest FX inflows since May, driven by improving macroeconomic stability and increased offshore interest in Africa’s largest economy.
Despite the positive indicators, Foreign Direct Investment (FDI) fell by 25% month-on-month to $222 million, reflecting ongoing structural obstacles such as insecurity, policy unpredictability, and a challenging business environment that continues to discourage long-term capital inflows.
