Nigeria’s external reserves have surpassed $45 billion, according to new figures from the Central Bank of Nigeria.

With reserves now at $45.04 billion, the country is recording its strongest position in six years, marking a sharp rebound from earlier levels.

Findings indicate that Nigeria’s reserves last reached this level on July 23, 2019, when they also stood at $45.04 billion.

Earlier reports showed that Nigeria’s external reserves rose to $42.03 billion in September, the highest level since late September 2019 and a six-year peak.

This indicates that the country has gained nearly $5 billion in reserves within a short period—an impressive rebound at a time when many developing nations are facing shrinking FX buffers.

The modest uptick suggests stronger inflows, likely from crude oil revenues, Eurobond-linked transactions, or multilateral financing. A healthier reserve position also gives the Central Bank greater flexibility to intervene in the FX market when needed.

Notably, the growth in Nigeria’s external reserves is not a sudden spike but a steady, sustained buildup, indicating improving foreign-exchange conditions.

The month opened with reserves at $43.26 billion, holding firmly above the $43 billion mark for several days.

By November 18, they had risen to $44.05 billion, reflecting stronger inflows and easing pressure on the foreign exchange market.

The upward trend persisted, with reserves ending the month at $44.67 billion, one of the strongest month-end levels seen in recent years.

The momentum continued into December, with reserves opening the month firmly within the $44 billion band. Then, on December 4, Nigeria’s external reserves surpassed the $45 billion mark, a key psychological and economic milestone that underscores strengthening FX liquidity.

Crossing the $45 billion threshold for the first time in years holds major implications for the economy, investor confidence, and the overall foreign-exchange environment.

A reserve level above $45 billion gives the CBN a stronger buffer to manage foreign-exchange pressures.

For foreign investors, especially portfolio investors, reserve strength is a key indicator of a country’s external stability.

Crossing the $45 billion mark signals that Nigeria is now better equipped to meet external obligations, fund imports, and absorb external shocks.

This improved positioning can boost investor confidence and attract additional capital inflows, particularly into the fixed-income and equities markets.

The gradual rise from $43 billion at the start of November to $45 billion by early December points to genuine inflows rather than short-lived gains.