Nigeria’s foreign reserve rises to $46 billion, strongest in recent years – CBN

Nigeria’s external reserves have climbed to $46.7 billion as of November 14, 2025, giving the country 10.3 months of import cover and marking one of the strongest reserve positions in recent years.
The Central Bank of Nigeria (CBN) announced the development at a colloquium held to commemorate the 20th anniversary of its Monetary Policy Department (MPD). CBN Governor, Mr. Olayemi Cardoso—represented by the Deputy Governor in charge of Economic Policy, Mr. Muhammad Sani Abdullahi—said the rising reserves “reflect investor confidence in our policies leading to improved oil receipts, stronger balance of payments, and renewed foreign portfolio inflows.”
Cardoso attributed the renewed confidence to Nigeria’s improved sovereign outlook from global ratings agencies, including S&P Global Ratings’ revision of the country’s outlook from stable to positive. According to him, the assessment “reflects the impact of sustained reforms that have placed our economy on a more resilient path.”
He also highlighted Nigeria’s removal from the Financial Action Task Force (FATF) Grey List as “another significant milestone in restoring international confidence in our financial system,” noting that the decision affirms the country’s alignment with global anti-money laundering and counter-terrorism financing standards and opens new channels for investment and trade finance.
Cardoso said these gains have helped strengthen the naira, improve the trade balance and build a stronger platform for inclusive growth.
Reflecting on the role of the MPD over the past two decades, the Governor described the department as central to the Bank’s policy machinery, supporting the Monetary Policy Committee (MPC) and the Monetary Policy Technical Committee (MPTC) with research and coordination that ensure policy coherence.
He noted that a key priority for the Bank is completing its shift to a full inflation-targeting regime—a move he described as “a strategic imperative for anchoring expectations and sustaining price stability.” Inflation targeting, he added, would deepen transparency, enhance policy credibility and improve monetary policy transmission.
Cardoso urged MPD staff to remain committed to the national objective of building a resilient, job-creating economy. “Remember that our ultimate goal extends beyond technical achievements. It is about building a resilient economy that fosters growth, creates jobs, and delivers shared prosperity,” he said, encouraging them to maintain “the highest standards of professionalism.”
Earlier, the Director of the MPD, Dr. Victor Oboh, traced the department’s transformation from its early team-based structure to a modern, specialized system comprising five divisions focused on macroeconomic analysis, monetary policy, committee coordination, international relations and policy research. He said the department has long served as a pipeline for experts who go on to advise or lead various arms of the CBN.
Oboh highlighted the MPD’s role during key economic events—ranging from the global financial crisis and commodity price swings to the COVID-19 pandemic—saying these moments underscore the department’s “resilience and relevance.”
He explained that Nigeria’s ongoing transition toward an inflation-targeting framework evolved from lessons learned during domestic and global shocks. The CBN, he said, has moved through different policy regimes—from exchange-rate targeting to monetary targeting, and finally to a hybrid system that incorporates elements of inflation targeting.
According to Oboh, the Bank has made significant strides since formalizing its intention to adopt inflation targeting in late 2023. These include a disciplined monetary stance, high-level policy dialogues on disinflation and stronger communication strategies—all of which have helped moderate inflation, stabilize the FX market, narrow exchange rate gaps and push external reserves above $46 billion.
“Today, we stand at an advanced stage of this phased migration,” he said, adding that the reforms underway are laying the foundation for “a credible, forward-looking regime that will restore price stability and further strengthen investor confidence.”
Speaking on the colloquium theme—Monetary Policy in Nigeria: Past, Present and Future—Oboh said the anniversary offered an opportunity both to reflect on the department’s achievements and to anticipate the challenges ahead. He noted that global economic fragmentation, emerging digital currencies such as stablecoins, and climate-related financial risks will require the MPD to remain innovative, data-driven and adaptable in shaping Nigeria’s monetary policy landscape.