Nigeria’s external reserves climbed to $42.03 billion on September 19, 2025, marking the highest level since September 26, 2019 when reserves were $42.05 billion.
CBN data show reserves rose from $41.99 billion the previous day and sit above $41.42 billion at the start of September, extending a rally that began in July.
Through September, every recorded session has shown an increase, delivering 13 consecutive daily gains across 14 reporting days.
From September 1 to 19, reserves grew $610.8 million (1.47%), averaging about $47 million per reporting day.
The buildup was steady; reserves stood at $41.5711 billion on September 8 and had risen by $461.8 million by September 19.
In four business days between September 15 and 19 the stock added almost $583.0 million, underscoring stronger FX inflows.
Compared with August 29’s balance of $41.3055 billion, reserves are stronger by $727.3 million, a 1.76% increase. Year-to-date, reserves have risen $1.15 billion (2.83%), from $40.8780 billion at December 31, 2024 to $42.0329 billion in mid-September 2025.
The 2025 trajectory was bump, with a sharp decline in the first half of the year pushed reserves to a low of $37.1806 billion on July 3, 2025.
Since that trough the stock has recovered $4.85 billion, a 13.05% rebound, putting September at the year’s high and reversing earlier losses.
The return of reserves above $42 billion strengthens the CBN’s capacity to smooth FX market volatility and meet external obligations with greater credibility. It also raises Nigeria’s import cover and provides a psychological boost that could attract portfolio inflows into local assets, provided yields remain attractive and policy direction stays consistent.
Sustaining the rally will depend on a steady pipeline of FX supply from crude oil sales, non-oil exports, diaspora remittances and foreign portfolio investment. Conversely, any slump in oil production, a fall in global prices or a resurgence of demand pressure could stall the gains.
Path forward
Further improvements in production volumes, more transparent FX operations and consistent fiscal-monetary coordination could consolidate the milestone and potentially push reserves beyond late-2019 levels.
September has flipped the 2025 reserves story from weakness to strength, but the real test is whether this momentum carries into the fourth quarter to deliver lasting stability for Nigeria’s currency and external sector.
The six-year high improves external metrics tracked by investors, lenders and ratings agencies, bolstering Nigeria’s external-sector credibility.
That lift could translate into portfolio inflows if the CBN sustains transparent FX operations and policy direction remains consistent.
Bottom line
September’s gains reverse first-half weakness and give the CBN a window to shore up the currency and external buffers.
The market will watch crude production, oil prices and the durability of FX inflows to see whether reserves can stay at or above $42 billion and ultimately exceed late-2019 levels and influence Nigeria’s external ratings outlook and investor sentiment.
