FX Reserves Grow 10.75% in One Year

Nigeria’s external reserves grew by $4.39bn between December 23, 2024, and December 23, 2025, according to data from the Central Bank of Nigeria (CBN).

The reserves increased by approximately 10.75% within the period, standing at $45.24bn as of Tuesday.

“The reserves have maintained an upward trajectory in the last few months of the year, although there were periods of decline,” the data showed.

The external reserves closed 2024 at $40.87bn and dipped to $39.72bn in January 2025.

The drop in reserves during the first few months was attributed to increased debt-servicing commitments. Nigeria’s total debt service payments amounted to $540m in January 2025 and $276m in February 2025.

CBN Governor, Olayemi Cardoso, attributed the growth in FX reserves to the clearing of the foreign exchange backlog and sustained efforts to improve transparency in the FX market.

“If we are a going concern, and if we expect people to trust and invest in our economy, we must keep our promises,” he said.

The reserves maintained steady appreciation in the second half of the year, rising to $39.35bn in July and crossing the $40bn mark in August. By November, they had reached $44.66bn.

Cardoso said in November that the reserves had surged to their strongest level in seven years, hitting $46.7bn as of November 14, 2025, due to renewed investor confidence, improved oil receipts, and stronger balance-of-payments inflows.

Bismarck Rewane, Managing Director of Financial Derivatives, said robust reserves would support FX supply and reduce pressure on the naira. “External reserves must be viewed in the context of debt,” he added.

Afrinvest Research commended the CBN for its innovations in the FX market, saying the reserves had supported nearly 11 months of import cover.

“With a net addition of roughly $4.4bn between January and November 2025,” they noted.