Nigeria’s foreign reserves have risen to over $46 billion, marking the highest level since 2018, the Central Bank of Nigeria (CBN) Governor, Yemi Cardoso, announced.
Speaking at the opening of the Monetary Policy Department’s 20th anniversary colloquium in Abuja, Cardoso, represented by Deputy Governor for Economic Policy, Dr. Muhammad Abdullahi, said the reserves could cover more than 10 months of imports. He added that easing inflation may lead to lower lending rates in the coming months, potentially improving access to credit and boosting investment flows.
CBN data showed the naira depreciated slightly by 0.4% in the official market, trading at N1,448.03 against the dollar on Monday, up from N1,442.43 on Friday. In the parallel market, the naira gained marginally, closing at N1,455 compared with N1,457 on Friday.
The surge in reserves is largely attributed to federal government Eurobond issuances and rising foreign exchange inflows. October 2025 recorded Nigeria’s strongest month for FX inflows since May, driven by improved macroeconomic stability and renewed interest from offshore investors.
However, Foreign Direct Investment (FDI) inflows fell 25% month-on-month to $222 million, reflecting ongoing challenges such as insecurity and policy uncertainty that continue to affect long-term capital inflows.
