Nigeria’s FX Reserves Hit Six-Year Peak of $42.03bn

By Adedapo Adesanya

Nigeria’s external reserves climbed to $42.03 billion on September 19, 2025, the highest level since late September 2019, representing a six-year peak.

The latest data from the Central Bank of Nigeria (CBN) as of Monday showed reserves went up from $41.99 billion the previous day and well above $41.42 billion at the start of September.

The last time reserves were higher was on September 26, 2019, when they stood at $42.05 billion. The latest figure extends a sustained rally that began in July and has gained speed this month.

The return of reserves above $42 billion strengthens the central bank’s capacity to smooth volatility in the FX market and meet external obligations.

From the start of September to the 19th, reserves have grown by $610.8 million or 1.47 per cent. The accretion has been steady, averaging about $47 million per reporting day.

This shows a reversal of the trend with trends showing that in the first half of the year, reserves dropped to a low of $37.1806 billion on July 3, 2025. Since then, the reserves has recovered by $4.85 billion, or 13.05 per cent.

The September peak is now the highest point of the year, surpassing all prior 2025 readings and reversing earlier losses.

On September 8, reserves stood at $41.5711 billion and by September 19, they had risen by $461.8 million. In the span of four business days between September 15 and 19, reserves added almost $583.0 million, a reflection of more robust FX inflows and restrained outflows.

Compared with August 29, when the balance was $41.3055 billion, reserves are now stronger by $727.3 million, a 1.76 per cent increase.

There are expectations that the reserves could hit $45 billion occasioned by increase in foreign investments, strengthening of the local currency, increased exports, and sustained crude oil production increment.