External Reserves Up 10.8% YoY to $45.28bn as FX Buffers Strengthen

Nume Ekeghe

Nigeria’s external reserves rose to $45.28 billion as of December 24, 2025, marking a year-on-year (YoY) increase of about 10.8 per cent from $40.85 billion recorded on December 24, 2024, data from the Central Bank of Nigeria (CBN) has showed.

Analysts submits that the steady build-up reflects a sustained accumulation trend through 2025, underpinned by improved foreign exchange inflows, tighter demand management and continued reforms in the FX market.

A closer look at the monthly trajectory showed that reserves began 2025 at just above $40.9 billion in early January, before edging past the $42 billion threshold by late March, supported by increased FX liquidity and stronger market confidence following policy adjustments.

The second quarter was largely a period of stabilisation rather than growth. Reserves hovered within the $38.0 to $38.4 billion range, with only marginal daily movements. By the end of June, reserves stood at approximately $37.21 billion, marking the lowest point of the year and confirming that reserve accumulation had not yet taken hold in the first half.

A clear shift emerged from July where reserves began a steady upward trend, rising from $37.19 billion at the start of July to about $41.42 billion by the end of September. This phase marked the beginning of a more durable rebuild, supported by improved foreign exchange inflows and tighter FX market management.

The pace of accumulation strengthened further in the fourth quarter. By late October, reserves had crossed $43 billion, and by mid-November stood above $44 billion, signalling stronger inflows and reduced pressure on external buffers.

December saw reserves peak for the year. Although there were mild pullbacks from intra-month highs above $45.4 billion, the stock closed at $45.28 billion on December 24, its strongest level in over a year and a net increase of more than $4.4 billion compared with the same period in 2024.