Nigeria’s external reserves have risen to $46.7 billion as of November 14, 2025, providing 10.3 months of import cover in goods and services.
The Central Bank of Nigeria (CBN) attributed the growth to steady inflows and renewed investor participation across different asset classes.
CBN Governor Olayemi Cardoso linked the increase to improved oil receipts, stronger balance of payments, and renewed foreign portfolio inflows, citing recent upgrades of Nigeria’s sovereign outlook by international ratings agencies.
The removal from the Financial Action Task Force (FATF) Grey List has also restored international confidence in Nigeria’s financial system.
The CBN has made significant progress in its monetary policy, adopting a hybrid model integrating elements of inflation targeting.
Cardoso emphasized the need for continued innovation and coordination to ensure price stability and investor confidence.
The Monetary Policy Department’s 20th anniversary colloquium highlighted its role in supporting the Monetary Policy Committee and promoting transparency.
The department has produced experts who have served as special advisers and directors to successive CBN governors.
