Nigeria’s Foreign Reserves Climb to $46.7 Billion, Highest in Seven Years

Nigeria’s stockpile of foreign cash has jumped to $46.7 billion as of 14 November 2025, the biggest amount since 2018. This rise stems from growing trust among investors, better oil sales, stronger money flows from trade, and fresh cash from overseas investments.

The reserves now cover 10.3 months of imports for goods and services, giving the country a solid buffer. This buildup has helped steady the naira, closing the gap between official rates and street sellers to under two per cent.

Prices have also cooled, with overall inflation dropping to 16.05 per cent in October 2025 from a high of 34.6 per cent in November 2024. This marks seven straight months of easing costs and the lowest rate in three years. Core inflation, which skips food and energy, is starting to fall too.

All three main global credit agencies have lifted Nigeria’s standing. S&P Global Ratings shifted the outlook from steady to upbeat. The country’s exit from the Financial Action Task Force’s watch list shows it now meets worldwide money rules, lifting spirits abroad.

The central bank’s head, Olayemi Cardoso, hailed the progress. “The reserves hit $46.7 billion on 14 November 2025, covering 10.3 months of imports, thanks to steady inflows and investor faith in our plans. This shows better oil earnings, trade balances, and fresh overseas funds,” he said.

Cardoso noted the inflation drop as a win after seven months of slowdown. “It’s the lowest in three years,” he added. He credited clearer rules and tight money controls for drawing foreign cash into bonds and short-term loans.

The boost follows a $2.35 billion raise from global markets two weeks ago through Eurobonds, plus stronger foreign exchange from oil. A top bank official, Dr Victor Oboh, recalled the mess in October 2023, when reserves were low and inflation soared due to poor handling. “Back then, the bank nearly missed payments on foreign requests. We’ve fixed what didn’t work over the past eight years,” he said.

Experts say the changes point to economic recovery, but warn of risks like global tensions and price swings. The bank aims to keep watching ahead, with better links between spending and money policies.