Nigeria’s exterior reserves climbed to $42.03 billion on September 19, 2025, marking the best degree since late September 2019 and setting a six-year (72-month) peak.
The most recent information from the Central Bank of Nigeria (CBN) as of Monday present reserves at $42.03 billion, up from $41.99 billion the day gone by and nicely above $41.42 billion at first of September.
The final time reserves had been greater was on September 26, 2019, once they stood at $42.05 billion. The most recent determine extends a sustained rally that started in July and has gained pace this month.
The brand new excessive is critical for market confidence, boosting Nigeria’s import cowl and the Central Bank’s coverage credibility.
How have the reserves carried out to date in September
BusinessTimes noticed that the buildup just isn’t a one-off spike. All through September, each recorded session has proven a rise, delivering 13 consecutive every day features throughout 14 reporting days.
From the beginning of September to the nineteenth, reserves have grown by $610.8 million, or 1.47%. The accretion has been regular, averaging about $47 million per reporting day. The second half of the month has been significantly robust. On September 8, reserves stood at $41.5711 billion. By September 19, that they had risen by $461.8 million. Within the span of 4 enterprise days between September 15 and 19, reserves added nearly $583.0 million, a mirrored image of extra sturdy FX inflows and restrained outflows.
In contrast with August 29, when the stability was $41.3055 billion, reserves at the moment are stronger by $727.3 million, a 1.76% enhance.
Yr-to-date pattern
Reserves are additionally in optimistic territory for 2025. They’ve risen by $1.15 billion, or 2.83%, from $40.8780 billion on the finish of December 2024 to $42.0329 billion in mid-September 2025.
The trajectory was not clean, with a pointy decline within the first half of the yr dragging reserves to a low of $37.1806 billion on July 3, 2025. Since then, the inventory has recovered by $4.85 billion, or 13.05%. The September peak is now the best level of the yr, surpassing all prior 2025 readings and reversing earlier losses.
Implications for the economic system
The return of reserves above $42 billion strengthens the Central Bank’s capability to clean volatility within the FX market and meet exterior obligations with better credibility.
It additionally raises Nigeria’s import cowl, a key metric tracked by buyers, lenders, and scores companies. The six-year excessive gives a psychological increase which will assist encourage portfolio inflows into native belongings, offered yields stay enticing and coverage route stays constant.
Nonetheless, the sturdiness of this rally will likely be examined. Sustaining reserves at or above $42 billion requires a gradual pipeline of FX provide from crude oil gross sales, non-oil exports, diaspora remittances, and international portfolio investments. Any stoop in oil manufacturing, fall in international costs, or resurgence of demand strain might stall the features.
Alternatively, additional enhancements in manufacturing volumes, clear FX operations, and constant fiscal-monetary coordination might consolidate the milestone and probably push reserves above late-2019 ranges.
In essence, September has flipped the 2025 reserves story from weak spot to power. The check now’s whether or not this momentum can carry by means of to the fourth quarter and supply lasting stability for Nigeria’s forex and exterior sector.