Nigeria’s external reserves rose by $4.39bn between December 23, 2024, and December 23, 2025, based on data from the Central Bank of Nigeria.

Analysis shows the reserves expanded by about 10.75 per cent over the period. As of December 23, the foreign exchange reserves stood at $45.24bn, up from $40.85bn recorded on the same date in 2024, according to The Punch.

While the reserves experienced some fluctuations during the year, they have sustained a generally upward trend in recent months.

The external reserves ended 2024 at $40.87bn before slipping to $39.72bn in January 2025. They declined further to $38.41bn in February, edged down to $38.30bn in March, and fell again to $37.93bn in April.

The depletion recorded during this period was largely attributed to heightened debt-servicing obligations.

In a statement during this period, the CBN said, “Reserves have continued to strengthen in 2025. While the first-quarter figures reflected some seasonal and transitional adjustments, including significant interest payments on foreign-denominated debt, underlying fundamentals remain intact, and reserves are expected to continue improving over the second quarter of the year.”

Data from the Central Bank of Nigeria showed that Nigeria’s debt service payments stood at $540m in January 2025 and $276m in February 2025, bringing total foreign debt servicing in the first two months of the year to $816m.

In May, the reserves recovered modestly to $38.45bn, but the gains were wiped out in June as they fell to $37.21bn. This concluded the first half of the year, during which external reserves declined by $3.67bn, reflecting the impact of debt-servicing obligations and the Central Bank of Nigeria’s interventions in the foreign exchange market.

In the second half of the year, the reserves recorded a steady recovery, rising to $39.35bn in July and surpassing the $40bn threshold in August to close at $41.30bn. They gained about two per cent in September, ending the month at $42.35bn.
The upward trend persisted in October, with reserves climbing to $43.19bn, and strengthened further in November to close at $44.66bn. The build-up extended into December until the 15th of the month, when the first decline in more than two months was recorded.

The reserves slipped to $45.32bn from $45.47bn, before declining further to $45.27bn. A day-on-day drop of $57.05m then pushed the balance to $45.21bn as of December 17, 2025.

However, part of the losses has since been recouped, with the reserves rising to $45.24bn as of Tuesday.

Explaining the increase in foreign exchange reserves in October, the CBN Governor, Olayemi Cardoso, attributed the growth to the clearance of the FX backlog and sustained efforts to enhance transparency in the foreign exchange market.