Nigeria’s external reserves hit a nearly seven-year high of US$46.7 billion, driven by robust market fundamentals and policy reforms, not external borrowing, confirmed CBN Governor Olayemi Cardoso.
Nigeria’s external reserves have surged to US$46.7 billion, marking the highest level in nearly seven years, but unlike previous periods, the rise was not fueled by borrowing, according to Central Bank of Nigeria (CBN) Governor Olayemi Cardoso. Speaking at the Chartered Institute of Bankers of Nigeria Annual Bankers’ Dinner, Cardoso said, “Our foreign reserves reaching US$46.7 billion by mid-November, providing over 10 months of import cover, is a clear indication of resilience.
What is most important is that our FX reserves are being rebuilt organically, not by borrowing, but through improved market functioning, stronger non-oil exports and robust capital inflows.” He noted that non-oil exports grew by more than 18 per cent year-on-year, diaspora remittances rose about 12 per cent, and foreign capital inflows jumped 70 per cent in the first ten months of 2025.
Cardoso highlighted reforms in the FX and fixed-income markets, including the unification of FX windows, introduction of EFEMS, and governance improvements via the Nigerian Foreign Exchange Code, which have stabilized the naira and narrowed the spread between official and parallel market rates. He assured that the CBN remains committed to a flexible exchange-rate framework and maintaining financial stability, stating, “The Central Bank of Nigeria will do everything necessary to protect the financial stability that is rewarding us with improved international investor sentiment.”