External Reserves Grow By 12% To $41.663bn

Nigeria’s outer reserves person risen by $4.467 cardinal successful the past 3 months, a 12 per cent summation and the highest level since November 2021, pursuing improved capitalist assurance successful the Nigerian system and accrued remittances.

This is arsenic the worth of the naira continued to grounds appreciation astatine some the authoritative and parallel ends of the overseas speech market. Traders sold the dollar astatine N1,501.49 successful the Nigeria Autonomous Foreign Exchange Market (NAFEM), the highest level since March 2025.

According to information by the Central Bank of Nigeria (CBN), outer reserves roseate for the 10th week running, rising to $41.663 cardinal arsenic of September 11, 2025, compared to $41.422 cardinal astatine the opening of September.

The reserves, which had risen to implicit $40 cardinal astir March this year, had depreciated to $37 cardinal successful June earlier rising to $39.543 cardinal successful August earlier its further accretion of 12.01 per cent successful September.

According to analysts astatine Cowry Assets Management, the incremental build-up successful the reserves, “provides a captious buffer against outer vulnerabilities specified arsenic volatile lipid prices and currency pressures. It besides enhances the Central Bank of Nigeria’s (CBN) capableness to intervene successful the overseas speech market, erstwhile necessary, thereby helping to stabilise the naira.”

The politician of the Central Bank of Nigeria (CBN), Olayemi Cardoso, had disclosed that inflows from Nigerians successful the diaspora had tripled successful caller months, rising from $250 cardinal earlier successful the twelvemonth to $600 cardinal monthly, prompting a projection that the fig would treble by adjacent year.
Riding connected the successes of the assorted reforms of the apex bank, Cardoso said, ‘By adjacent year, we task that determination volition beryllium a cardinal dollars a period of diaspora remittances.

As acold arsenic we are concerned, we person done everything to alteration that to happen.’

The improved overseas speech buffers had seen the worth of the naira admit to N1,501 to the dollar astatine the NAFEM from N1,531.57, which it sold to the dollar astatine the extremity of trading activities successful August.
Last week, the naira appreciated by 0.89 per cent week-on-week, buoyed by improved liquidity and sustained dollar inflows. Likewise, the parallel marketplace posted a 1.85 per cent gain, with the naira strengthening to an mean of N1,510 to the dollar, reflecting renewed trader assurance and a moderation of speculative enactment successful the informal market.

In the forwards market, the naira rates appreciated crossed the 1-month (+1.8% to N1,533.03/$), 3-month (+2.6% to N1,586.34/$), 6-month (+3.8% to N1,663.17/$) and 1-year (+5.6% to N1,814.93/$) contracts.
In the adjacent term, analysts astatine Cordros Research accidental they expect the naira to stay stable, underpinned by resilient forex marketplace liquidity and improving home inflows. “Anticipated superior inflows should payment from the expected Fed complaint chopped and broader easing successful planetary yields, which could bolster capitalist appetite for naira-denominated assets.

“At the aforesaid time, stronger non-oil export receipts and reduced incentives for speculative positioning should reenforce the affirmative momentum and suggest a much balanced forex marketplace outlook,” analysts noted.