The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has announced that the nation’s foreign reserves have surpassed $46 billion.
Cardoso, represented by the Deputy Governor of the Economic Policy Directorate, Dr. Muhammad Abdullahi, made the disclosure during the opening session of the Monetary Policy Department’s 20th anniversary colloquium held at the CBN headquarters in Abuja.
He noted that this is the first time Nigeria has achieved this level since 2018, adding that the reserves are sufficient to cover more than ten months of imports.
According to the deputy governor, borrowing costs may begin to ease in the coming months as inflation continues to decline, raising expectations for improved credit access and increased investment inflows.
Data from the Central Bank of Nigeria (CBN) revealed that the naira weakened slightly by 0.4 percent, with the dollar trading at N1,448.03 on Monday compared to N1,442.43 on Friday at the Nigerian Foreign Exchange Market (NFEM).
Meanwhile, in the parallel market, the naira appreciated by N2, closing at N1,455 on Monday, up from N1,457 on Friday.
The rise in Nigeria’s external reserves to $46.7 billion has been linked largely to the federal government’s Eurobond issuance and stronger foreign exchange inflows.
October 2025 recorded the highest level of FX inflows since May, supported by enhanced macroeconomic stability and renewed interest from offshore investors targeting opportunities in Africa’s biggest economy.
However, Foreign Direct Investment (FDI) fell by 25 percent month-on-month to $222 million, reflecting ongoing structural issues—including insecurity and policy inconsistencies—that continue to limit long-term investment.