Nigeria’s external reserves have climbed to $41.66 billion, reaching their highest level in nearly four years.
The last time the country’s reserves were this high was on 5 November 2021, when they stood at $41.70 billion.
The latest figure, recorded as of 11 September 2025, comes after an impressive period of steady growth. For 28 consecutive trading days, from 1 August through 11 September, the reserves increased without interruption. This represents one of the longest unbroken growth streaks in recent times.
Compared to the same period last year, when reserves were at $36.81 billion, this marks a strong 13 per cent year-on-year increase. The rise provides the Central Bank of Nigeria with a much stronger buffer to protect against external economic shocks, boost market confidence, and maintain stability in the foreign exchange market.
This steady build-up has been visible throughout 2025 and is seen as a sign of consolidating gains from improved oil earnings, higher foreign investment inflows, and tighter monetary policy that has reduced speculative activities in the FX market.
The growth in reserves comes at an important time for Nigeria, strengthening the country’s ability to handle global economic uncertainties. In his recent personal statement at the Monetary Policy Committee meeting, member Bala Moh’d Bello noted that the naira exchange rate has remained relatively stable. He credited this to increased investor confidence and recent adjustments to the foreign exchange management framework.
Bello stated, “Speculative activities in the FX market have declined significantly, fostering greater transparency and promoting market-based price discovery.” He added that this stability is expected to continue over the medium term, supported by the rising external reserves.
Analysts at Cowry Assets Management have also welcomed the growth, noting that the increasing reserves provide a critical buffer against external vulnerabilities such as volatile oil prices and currency pressures. They highlighted that it enhances the Central Bank’s capacity to intervene in the foreign exchange market when necessary, helping to stabilise the naira.
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