This is one of the country’s strongest positions in six years from available records. The reserves now stand at $45.04 billion, matching the last time they reached this level on July 23, 2019.
The milestone reflects a remarkable turnaround, as the nation has added nearly $5 billion to its reserves in just a few months, a notable achievement amid widespread declines in foreign exchange buffers across many developing economies.
“The steady accumulation of reserves indicates improving inflows and a more resilient external position,” analysts say, pointing to crude oil earnings, Eurobond-related inflows, and multilateral financing as likely contributors.
Higher reserves provide the apex bank with greater leverage to intervene in the foreign exchange market if necessary, helping to stabilise the naira. Careful analysis shows that the reserve buildup is not a temporary spike but a consistent trend reflecting improved forex conditions.
November began with reserves at $43.26 billion, comfortably holding above the $43 billion mark. By November 18, reserves had risen to $44.05 billion, signalling stronger inflows and easing pressure on the foreign exchange market.
The month closed at $44.67 billion, one of the highest month-end positions in recent times.
