Nigeria’s external reserves have risen above $45 billion, marking the strongest level recorded in more than six years, according to newly released data from the Central Bank of Nigeria (CBN). This significant milestone reflects a major turnaround in the country’s foreign-exchange position after extended periods of pressure on the reserves.
Earlier in the year, Nigeria’s reserves hovered around $42 billion, already noted as the highest level since late 2019. Over the following months, reserves continued a steady upward climb, surpassing $43 billion in October and nearing $45 billion by the end of November. They eventually crossed the $45 billion threshold in early December, signaling strengthened external stability.
Economic analysts have attributed this impressive surge to multiple factors, including increased oil export earnings, improved balance-of-payments inflows, stronger diaspora remittances, and a renewed uptick in foreign investor confidence. In addition, enhanced monetary and fiscal coordination has contributed to rebuilding the country’s external buffers.
The expansion of the reserves carries significant implications for Nigeria’s economic outlook. A reserve level of $45 billion substantially boosts the nation’s ability to finance imports, service external debts, and cushion the economy against global economic shocks. It also enhances the Central Bank’s capacity to manage exchange-rate volatility and maintain financial stability.
As Nigeria approaches the end of the year, the strengthened reserve position offers renewed optimism for macroeconomic resilience, investor confidence, and sustainable growth. The rise stands as one of the strongest indicators of recovery and stability for Africa’s largest economy.
