Nigeria has made remarkable progress in its external reserves growth having hitting a four-year high liquid reserves of $41.648 billion according to the information published by the Central Bank of Nigeria (CBN) on its website.
Nigeria’s external gross reserves surpassed the $42 billion mark on the 9th of September hitting $42.032 billion. The figure has since risen to $42.326 billion as of Monday, September 29, 2025, accumulating $303 million in 20 days.
The liquid reserve which hit $41.029 billion since September 12, has grown by $619 million within a period of 17 days.
Liquid reserves is a portion of gross reserves that consists of assets available to meet immediate and short-term needs. These are crucial for economic stability it serves in maintaining a stable financial system and ensuring uninterrupted international transactions.
According to the latest data from the Central Bank of Nigeria (CBN), it also shows that the reserve has been on an upward swing since the 14th of July 2025.
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The last time Nigeria saw a threshold of $41 billion external liquid reserve was on Friday, 26 November 2021, when it recorded $41,063 billion. Prior to this date the threshold was maintained for about a month from Monday October 25, 2021 when the figure jumped to $41.366 billion from $40.88 billion where it was a week before.
Factors increasing external liquid reserves
Analysts have attributed this rise in Nigeria’s external reserves to
- an increase in oil revenue due to a much-improved output from what it used to be.
- general improvement in the macroeconomic environment, which is driving confidence and influencing forex inflows from autonomous sources into the economy,
- external loans by the government, which come in foreign currency,
- a drastic drop in fuel importation, which has reduced pressure on the forex market and external reserves, and others.
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