The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, on Tuesday announced that the nation’s foreign reserves have surpassed $46 billion, marking the highest level recorded since 2018.

Naijaonpoint reports that Cardoso, represented by the Deputy Governor in charge of Economic Policy, Dr. Muhammad Abdullahi, disclosed the figures at the 20th Anniversary of the Monetary Policy Department in Abuja.

The CBN Governor described the achievement, recorded on November 14, 2025, as a significant turning point in the Bank’s policy reforms.

“Foreign reserves have risen to $46.7 billion… supported by sustained inflows and renewed investor participation across various asset classes,” he said.

He noted that the current reserve level provides 10.3 months of import cover, surpassing international adequacy benchmarks.

The CBN attributed the sharp rise to improved oil receipts, stronger portfolio inflows and ongoing reforms that have stabilised the foreign exchange market.

Cardoso said the naira had continued to strengthen in recent weeks, adding that the spread between the official and Bureau-de-Change windows had narrowed to below two per cent, signalling restored market confidence.

The CBN governor also highlighted improvements in price stability.

Headline inflation, which peaked at 34.6 per cent in November 2024, dropped to 16.05 per cent in October 2025 — marking seven consecutive months of disinflation.

“This is the lowest in three years,” he said, adding that core inflation had also begun to ease.

Cardoso noted that Nigeria’s strengthened macroeconomic outlook had been recognised globally.

“All the three top international ratings agencies upgraded Nigeria,” he said.

He pointed to S&P Global Ratings’ revision of Nigeria’s outlook from stable to positive, as well as the country’s removal from the FATF Grey List, which he described as a key step in restoring credibility in the global financial system.

According to him, the combined gains of rising reserves, a stronger naira, falling inflation and improved ratings had produced “a more competitive currency, improved trade balances, and a stronger foundation for inclusive development.”

Cardoso used the occasion to highlight the centrality of the Monetary Policy Department to Nigeria’s economic reforms over the last two decades.

He credited the department with key advancements such as the introduction of the Monetary Policy Rate in 2006, the adoption of the interest-rate corridor system, enhanced policy communication, and Nigeria’s gradual shift toward an inflation-targeting framework.

Despite the progress, the CBN governor warned that global shocks, commodity-price volatility and structural imbalances remained major risks.

“The Department must remain agile and forward-looking,” he said, urging deeper analytical work, better modelling tools and greater use of technology and big data.

Cardoso reaffirmed that transitioning to a full inflation-targeting regime remained one of the CBN’s top priorities.

“Inflation targeting will enhance transparency, improve credibility, and strengthen the effectiveness of monetary policy transmission,” he added.

Naijaonpoint reports that Nigeria’s reserve boost comes barely two weeks after the Federal Government returned to international capital markets with a landmark $2.35 billion Eurobond issuance, which attracted $13 billion in investor orders, the largest orderbook in the nation’s history.

The Debt Management Office (DMO) described the oversubscribed issuance as clear evidence of growing investor confidence in Nigeria’s economic reforms and long-term fiscal direction.

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