Nigeria’s External Reserves Gain $5bn in Three Months — CBN
Nigeria’s external reserves rose by nearly $5 billion within three months, climbing to $42.77 billion at the end of September 2025, the Central Bank of Nigeria has said.
The apex bank disclosed this in its Balance of Payments report for the third quarter of 2025, released on Monday, noting that the increase from $37.81 billion recorded at the end of June reflected improved foreign exchange inflows and stronger external sector performance.
According to the CBN, the accretion to reserves was supported by a $4.60 billion overall balance of payments surplus during the period, marking a significant turnaround from the deficit position recorded in the preceding quarter.
The bank explained that the country’s current account remained in surplus at $3.42 billion, driven largely by stronger trade performance, resilient remittance inflows and improved financial flows. The goods account posted a surplus of $4.94 billion, buoyed by higher export earnings.
Crude oil exports rose to $8.45 billion in the quarter, while exports of refined petroleum products increased by 44 per cent to $2.29 billion, reflecting progress in domestic refining capacity and Nigeria’s gradual transition from a net importer to a net exporter of refined petroleum products. Total goods exports stood at $15.24 billion, while imports of refined petroleum products declined by 12.7 per cent, further strengthening the trade balance.
The report also showed that workers’ remittances remained strong, with the secondary income account recording a surplus of $5.50 billion, including $5.24 billion in inflows from Nigerians in the diaspora.
Developments in the financial account further supported reserve growth, as Nigeria recorded a net lending position of $0.32 billion. Foreign direct investment inflows increased to $0.72 billion, while portfolio investment inflows remained robust at $2.51 billion, signalling improved investor confidence and sustained participation by non-residents in domestic financial instruments.
The CBN said the stronger reserves position has enhanced Nigeria’s external buffers and reinforced macroeconomic stability, particularly amid ongoing reforms in the foreign exchange market, monetary policy implementation and the domestic energy sector.
According to the bank, the Q3 2025 outcome underscores strengthening external sector fundamentals and provides a more stable outlook for the economy as the country moves into the final quarter of the year.