By Our Reporter
Nigeria’s foreign reserves have risen to $46.7 billion as of November 14, 2025, providing 10.3 months of import cover, the Central Bank of Nigeria (CBN) announced on Tuesday.
CBN Governor Olayemi Cardoso, represented by Deputy Governor Muhammad Sani Abdullahi, disclosed this at a colloquium marking the 20th anniversary of the Bank’s Monetary Policy Department (MPD). He said the reserves’ growth reflects increased investor confidence, stronger oil receipts, and renewed foreign portfolio inflows.
Cardoso attributed the improved sentiment to recent upgrades of Nigeria’s sovereign outlook by leading global ratings agencies, including S&P Global Ratings, which revised the country’s outlook from stable to positive. He also cited Nigeria’s removal from the Financial Action Task Force (FATF) Grey List as a major boost to international confidence.
“These developments have strengthened the naira, improved trade balances and provided a stronger base for inclusive growth,” he said.
Cardoso emphasized the CBN’s transition toward a full inflation-targeting regime, calling it essential for anchoring expectations and ensuring long-term price stability.
MPD Director Dr. Victor Oboh traced the department’s evolution over two decades and highlighted its role in steering monetary policy through major crises, including the global financial crash, commodity shocks, and the COVID-19 pandemic. He said Nigeria’s ongoing shift toward inflation targeting has already contributed to moderating inflation, stabilizing the foreign exchange market, and increasing reserves to over $46 billion.
Oboh noted that future challenges—such as global financial fragmentation, digital currencies, and climate risks—will require the MPD to remain innovative, data-driven, and adaptable.