Nume Ekeghe

Nigeria’s external reserves climbed to $43.32 billion as of November 6, 2025, an 8.2 per cent increase year-on-year from $40.94 billion on November 6, 2024, data from the Central Bank of Nigeria (CBN) has revealed.

The steady accumulation reflects improved foreign-exchange inflows from oil receipts, stronger non-oil exports, and renewed investor confidence in Nigeria’s financial reforms. The reserves, which serve as a vital buffer for exchange-rate management and external obligations have been supported by tighter monetary policy and coordinated fiscal adjustments.

A review of CBN data for 2025 showed alternating months of depletion and recovery, driven largely by oil-price swings, remittance flows, and foreign exchange reforms.

The year opened with reserves at $40.88 billion on January 2, before closing lower at $39.72 billion on January 31, a $1.16 billion. In February, reserves slipped again, from $39.60 billion on February 3 to $38.42 billion on February 28, down $1.18 billion.

March remained largely flat, with reserves edging from $38.36 billion on March 3 to $38.31 billion on March 28, a marginal $54 million dip, reflecting subdued inflows.

The second quarter opened on April 2, the first recorded date for the month with reserves at $38.17 billion, easing slightly to $37.93 billion by April 30. However, May reversed the trend as reserves increased from $38.01 billion on May 2 to $38.45 billion on May 30, gaining $439 million, 1.15 per cent amid modest oil and remittance inflows.

June marked a stronger rebound: reserves rose from $38.39 billion on June 2 to $39.73 billion on June 30, a $1.18 billion, 3.07 per cent gain, buoyed by improved crude-oil earnings and capital inflows.

The third quarter saw sharp fluctuations. Reserves rose from $37.21 billion on June 30 to $39.36 billion on July 30, a $2.16 billion, 5.82 per cent jump, one of the largest monthly gains of the year, followed by another rise in August, from $39.54 billion on August 1 to $41.31 billion on August 29, $1.76 billion. By September 30, reserves advanced further to $42.35 billion, adding $932 million, 2.25 per cent.

The final quarter maintained relative calm as reserves rose from $42.41 billion on October 2 to $43.20 billion on October 31, up $790 million or 1.86 per cent, and steadied into early November, climbing modestly from $43.26 billion on November 3 to $43.32 billion on November 6, a $65.5 million uptick.