Nigeria’s Reserves Hit $46.7bn as 16 Banks Fully Recapitalised

The Nigeria external reserves have surged to $46.70 billion, the highest level in years, according to new figures released by the Central Bank of Nigeria during its 303rd Monetary Policy Committee (MPC) meeting.

The reserves rose by 9.19% from $42.77 billion at the end of September to the new level recorded on November 14, 2025 — enough to cover 10.3 months of imports for goods and services.

The CBN Governor, Olayemi Cardoso, disclosed this on Tuesday at the end of the MPC’s 303rd meeting in Abuja.

Cardoso attributed the sharp improvement to higher capital inflows, stable exchange rate conditions, and improved external sector performance.

The CBN governor also confirmed substantial progress in Nigeria’s major banking reform, with 16 banks fully meeting the revised capital requirements.

The recapitalisation exercise, which aims to strengthen the financial system against shocks, remains one of the most aggressive bank-strengthening programmes since 2004.
“The Committee noted with satisfaction the sustained resilience of the banking system,” he said.

“The ongoing recapitalisation has recorded significant compliance levels, reflecting stronger balance sheets across the sector.”

The governor linked the boost in reserves to improved confidence in Nigeria’s macroeconomic direction, citing: Stable foreign exchange market; Surplus current account balance; Recent sovereign rating upgrades and Nigeria’s removal from the FATF grey list.

These developments, he said, have made the country more attractive to foreign investors.