Nigeria’s foreign exchange reserves have reached a significant milestone, hitting $43.03 billion as of September 25, 2025—the highest level in six years.
This was disclosed by the central bank governor, Yemi Cardoso, at the end of the Monetary Policy Committee meeting today in Abuja.
This marks a substantial recovery from the low of $37.18 billion recorded in July 2025, reflecting a $5.85 billion increase, or approximately 15%, over the past two months.
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The steady accumulation of reserves in September has been driven by robust foreign exchange inflows, particularly from hydrocarbon exports, as well as a slowdown in outflows.
Between September 1 and 19, reserves grew by $610.8 million, averaging about $47 million per day. Notably, the period from September 15 to 19 saw reserves increase by nearly $583 million in just four business days.
Economists view this upward trend as a positive indicator for Nigeria’s economic stability.
The increased reserves enhance the Central Bank of Nigeria’s (CBN) ability to manage the foreign exchange market, defend the naira, and meet external obligations.
Additionally, the rise in reserves strengthens Nigeria’s import cover—a key metric for assessing a country’s capacity to finance its imports using its foreign exchange reserves.
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Analysts at Cowry Assets Management project that Nigeria’s reserves could reach approximately $45 billion by the end of 2025, contingent on sustained oil production, favourable global oil prices, and continued foreign exchange inflows.
However, they caution that global financial volatility, potential reversals in portfolio inflows, or declines in oil production could pose risks to this positive trajectory.
Nigeria’s foreign exchange reserves have shown a commendable recovery, bolstering investor confidence and providing the CBN with enhanced capacity to stabilise the economy.
Speaking at the end of the MPC meeting, the CBN Governor, Yemi Cardoso, said, “It’s a time to reflect. We are coming from a very challenging place. Since publishing the net reserve, it has been an upward trajectory. the highest since 2019
“I see a lot more acceleration in the reserve’s accretion to the CBN. We were at $200 million per month in remittances; we have doubled that, and we are targeting $1 billion in remittances.”
Sunday Michael Ogwu is a Nigerian journalist and editor of Pinnacle Daily. He is known for his work in business and economic reporting. He has held editorial roles in prominent Nigerian media outlets, where he has focused on economic policy, financial markets, and developmental issues affecting Nigeria and Africa more broadly.
