Nigeria’s external reserves have exceeded $45 billion for the first time since 2019, according to the latest figures released by the Central Bank of Nigeria (CBN), marking a significant improvement in the country’s foreign exchange position.
Data from the apex bank shows the reserves climbed to $45.04 billion, the strongest level recorded in more than six years. The last time the country reached a similar threshold was on July 23, 2019.
The development represents a sharp turnaround in recent months’ reserve performance. In September, reserves reached $42.03 billion, previously the highest point since late 2019, before sustaining momentum through October and November.
Steady Accumulation Signals Stronger FX Conditions
Unlike previous temporary jumps, analysts note that the current rise reflects a steady and consistent accumulation, pointing to improving foreign exchange inflows.
Checks indicate that reserves started November at about $43.26 billion and maintained an upward trend throughout the month, closing at $44.67 billion before crossing the $45 billion mark in early December.
The $45 billion level is widely viewed as a psychological and economic milestone, offering the CBN greater capacity to manage currency pressures and intervene in the FX market when necessary.
Market analysts say the build-up may be linked to increased crude oil earnings, Eurobond inflows, and recent multilateral financing. With global liquidity tightening and many developing economies seeing their reserves decline, Nigeria’s performance contrasts with broader emerging-market trends.
Investor confidence boost
A healthier reserve level enhances Nigeria’s ability to meet external obligations and fund imports, typically a key indicator watched by foreign investors. The milestone could therefore stimulate renewed portfolio investment in Nigerian fixed-income and equity markets.
The improvement also comes at a time the CBN is working to stabilise the naira, which recently strengthened on expectations of U.S. Federal Reserve rate adjustments and improved FX liquidity.
Economists say further inflows and oil-market performance will determine how firmly reserves hold above the $45 billion threshold in the coming months.