Nigeria’s foreign reserves have climbed above $46 billion, marking the country’s highest level since 2018, according to Central Bank of Nigeria (CBN) Governor Yemi Cardoso.
Cardoso, represented by Deputy Governor for Economic Policy Dr. Muhammad Abdullahi, disclosed the development at an event in Abuja commemorating 20 years of the CBN’s Monetary Policy Department. He said the strengthened reserve position is robust enough to cover more than 10 months of imports, describing it as a significant boost for macroeconomic stability.
The CBN expects lending rates to ease in the coming months, with officials projecting that a continued decline in inflation will help improve access to credit and stimulate investment.
Recent CBN data showed the naira edging slightly weaker at the official market, trading at ₦1,448.03 per dollar on Monday, though it firmed marginally on the parallel market, closing at ₦1,455.
The surge in external reserves to $46.7 billion has been linked to the federal government’s Eurobond issuance and stronger foreign exchange inflows. October 2025 recorded the highest inflow level since May, driven by improved investor confidence and a more stable macroeconomic environment.
Despite the gains, Foreign Direct Investment (FDI) dipped by 25 percent month-on-month to $222 million, as security concerns and policy uncertainties continue to weigh on long-term investor sentiment.
