Nigeria’s external reserves have staged a strong recovery, recording a cumulative accretion of US$7.5 billion between June and November 2025, according to new research findings.

Meanwhile, as of December 4, 2025, Nigeria’s foreign reserves climbed to $46.7 billion, the highest level in almost seven years, according to Olayemi Cardoso, Central Bank of Nigeria (CBN) governor.

Cardoso disclosed the figures during an engagement with the Senate committee on banking, insurance and other financial institutions, saying the reserve position now provides 10.3 months of import cover — a milestone he linked to renewed investor confidence and improved foreign exchange stability.

The latest data from the Central Bank of Nigeria (CBN) show that gross official reserves climbed by US$1.5 billion month-on-month to US$44.7 billion as of end-November — marking one of the strongest reserve positions since the start of the year.

Analysts link the bulk of the November boost to the US$2.4 billion Eurobond issuance, which hit the government’s coffers last month.

A portion of the proceeds was deployed to refinance the US$1.2 billion Eurobond maturity, also due in November. However, researchers noted that the steady rise in reserves cannot be attributed to Eurobond flows alone.

According to FBNQuest Research, improved FX inflows from oil exports and resilient diaspora remittances played a crucial role in lifting Nigeria’s buffers over the past five months.

The research firm also highlighted that as of March 2025, total reserves were strong enough to cover 13.9 months of merchandise imports — or 9.4 months when services imports are included.

Across major African markets, reserve improvements were widespread in November:

South Africa recorded a US$660 million increase in its international liquidity position, rising to US$70.0 billion.

The jump was driven largely by gains of US$628 million in gold reserves and US$192 million in other reserves, partially offset by declines of US$110 million in currency reserves and US$50 million in forward positions.

Egypt also posted stronger FX buffers, with net reserves rising by US$149 million to US$50.2 billion, supported by sustained foreign capital inflows, according to the Central Bank of Egypt.

In Nigeria, the upbeat reserve position did little to shield the local currency. The naira weakened by 1.8 percent month-on-month to close November at N1,446.7 per US dollar.

Analysts attribute the modest depreciation to seasonal FX pressures, including heightened holiday-travel demand and increased settlement of import obligations by businesses and manufacturers.

Despite short-term FX pressures, analysts remain optimistic that the reserves will remain broadly stable in the coming months. The projection is anchored on greater transparency, improved market efficiency, and the sustained impact of the CBN’s ongoing FX market reforms, which continue to reshape pricing, liquidity, and inflow dynamics.

The coming months, they say, will test the durability of these reforms — and determine whether Nigeria can sustain the hard-won momentum of its external buffers.

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