Nigeria’s external reserves have crossed the $45 billion mark for the first time since 2019, signalling a major boost in the country’s foreign exchange buffers amid ongoing reforms in the monetary and fiscal space.
Data from the Central Bank of Nigeria (CBN) showed that the reserves rose above the $45 billion threshold this week, reflecting improved foreign inflows, stronger oil receipts, and a more stable foreign exchange market following recent policy adjustments.
The last time reserves reached this level was in mid-2018, during a period of relatively higher oil prices and robust portfolio inflows.
Analysts say the latest accretion underscores growing investor confidence in Nigeria’s economic direction, especially after months of FX market liberalisation, tighter monetary policy, and stronger coordination between the fiscal and monetary authorities.
They also attribute the rise to improved crude oil production, higher export proceeds, and renewed interest from foreign portfolio investors who have repositioned in naira assets in anticipation of sustained stability.
According to investment analysts, the reserves milestone provides the CBN with greater capacity to manage short-term volatility in the FX market, support liquidity, and strengthen the naira against speculative pressure.
Economists note that a sustained build-up could help ease imported inflation pressures, improve credit ratings outlook, and enhance the country’s ability to meet external obligations without strain.
However, they caution that Nigeria’s reserves remain vulnerable to fluctuations in global oil prices, security disruptions in the Niger Delta, and uncertain global financial conditions.
The reserves increase comes as Nigeria continues to push for non-oil export expansion, broaden domestic revenue mobilisation and deepen structural reforms aimed at positioning the economy for stronger medium-term growth.
