Nigeria’s external reserves climbed by $540.28 million in the last two weeks of October, rising from $42.63 billion recorded on October 13 to $43.17 billion on October 30, 2025, according to data from the Central Bank of Nigeria (CBN).
The sustained growth indicates an approximate 1.3% growth over two weeks, and a 1.8% increase month-on-month from $42.40 billion at the beginning of October, according to CBN data.
The gross reserves recorded consistent daily increases throughout the review period, with the highest level of $43.17 billion attained on October 30, compared to $42.63 billion at the beginning of the period.
The liquid portion of the reserves also rose steadily from $41.98 billion on October 13 to $42.55 billion on October 30, an increase of $579.62 million. This improvement suggests enhanced availability of foreign exchange liquidity for trade settlements and monetary operations.
Conversely, blocked funds, the portion of reserves tied up in commitments or illiquid instruments, declined slightly from $656.45 million to $618.63 million over the same period. The blocked share of total reserves fell from 1.54% to 1.43%, indicating a healthier reserve structure and improved efficiency in the management of external assets.
The data shows daily incremental growth in reserves, underscoring consistent inflows possibly from oil exports, remittances, and capital importation. From October 20 to 30 alone, reserves gained nearly $380.7 million, suggesting improved dollar inflows relative to market outflows.
Analysts note that the CBN’s tightening stance and improved transparency in the forex window may be supporting higher retention of foreign exchange earnings. The decline in blocked reserves percentage further points to more accessible and deployable foreign assets, which enhances Nigeria’s external position and provides a cushion for currency stabilization efforts.
Analysts at United Capital Research have expressed optimism that Nigeria’s external reserves will continue their steady ascent in the final quarter of 2025, buoyed by stronger oil export receipts, robust diaspora remittances, and a favourable trade balance. The firm highlighted that as of September 30, 2025, the country’s external reserves had risen to $42.53 billion—the highest level in more than three and a half years—reflecting renewed foreign capital inflows and improving macroeconomic fundamentals.
United Capital concluded that sustained inflows from oil, remittances, and portfolio investments, combined with disciplined foreign exchange management, place Nigeria in a better position to consolidate its external balance and strengthen macroeconomic stability in the months ahead.