• Reserves reach $46.7 billion, covering 10.3 months of imports
• Naira sees a brief appreciation despite long-term depreciation
• Rating upgrades and lower inflation bolster financial outlook

Nigeria’s gross external reserves reached $46.7 billion on November 14, 2025, according to a Central Bank of Nigeria announcement on November 18. The increase provides 10.3 months of import coverage for goods and services.

“Foreign reserves have risen to $46.7 billion as of November 14, 2025, providing 10.3 months of import cover in goods and services, supported by sustained inflows and renewed investor participation across various asset classes.” - Cardoso 4/8

— Central Bank of Nigeria (@cenbank) November 18, 2025

The performance is driven by steady capital inflows, renewed investor interest across several asset classes, and reforms aimed at stabilizing the foreign exchange market.

The country continues to face long-term naira depreciation following the exchange rate liberalization introduced under the Tinubu administration. The currency has sharply weakened and remains structurally fragile and highly volatile.

However, between November 2024 and November 2025, data from XE Converter show a temporary appreciation of the naira, moving from 1,669 to 1,452 per dollar. This does not reverse the broader depreciation trend but reflects a short-term improvement in an unstable market.

At the same time, the three major global rating agencies upgraded Nigeria, which is no longer on the FATF gray list, strengthening the attractiveness of its financial environment.

Headline inflation continued to ease, reaching 16.05 % in October, its lowest level in three years, after seven consecutive months of disinflation.

Governor Olayemi Cardoso, represented by the Deputy Governor, Economic Policy, Mr. Muhammad Sani Abdullahi, delivered a keynote address on Tuesday, November 18, 2025, reflecting on two decades of policy evolution as the Bank’s Monetary Policy Department (MPD) held its 20th… pic.twitter.com/NrRR6HePtI

— Central Bank of Nigeria (@cenbank) November 18, 2025

Ingrid Haffiny (intern)