FX reserves add $4.39bn in one year

Nigeria’s external reserves grew by $4.39bn between December 23, 2024, and December 23, 2025, according to data sourced from the Central Bank of Nigeria.

The PUNCH’s analysis of the data indicated that the reserves increased by approximately 10.75 per cent within the period under review.

As of Tuesday, December 23, the FX reserves stood at $45.24bn, higher than $40.85bn on the same day last year. The reserves have maintained an upward trajectory in the last few months of the year, although there were periods of decline.

The external reserves closed 2024 at $40.87bn and dipped to $39.72bn in January 2025. They fell further to $38.41bn in February, continued the downward trend in March to $38.30bn, and declined to $37.93bn in April. The drop in reserves during this period was attributed to increased debt-servicing commitments.

In a statement during this period, the CBN said, “Reserves have continued to strengthen in 2025. While the first-quarter figures reflected some seasonal and transitional adjustments, including significant interest payments on foreign-denominated debt, underlying fundamentals remain intact, and reserves are expected to continue improving over the second quarter of the year.”

Data from the CBN revealed that Nigeria’s total debt service payments amounted to $540m in January 2025 and $276m in February 2025. This means that a total of $816m was spent on foreign debt servicing in the first two months of the year, The PUNCH reported.

In May, the reserves clawed back some gains to settle at $38.45bn, but those gains were erased in June as the reserves closed at $37.21bn. This wrapped up a first half in which external reserves shed $3.67bn due to debt servicing and the CBN’s interventions in the foreign exchange market.

In the second half of the year, the reserves maintained steady appreciation, rising to $39.35bn in July and crossing the $40bn mark in August to close at $41.30bn. They appreciated by about two per cent in September to close at $42.35bn.

The upward movement continued in October to $43.19bn, while in November the reserves closed at $44.66bn. The accretion continued into December until the 15th day of the month, when the first decline in over two months was recorded.

The reserves dropped to $45.32bn from $45.47bn. Thereafter, they fell to $45.27bn before a day-on-day decline of $57.05m brought them to $45.21bn as of December 17, 2025. Some of the losses have since been recovered, with the reserves standing at $45.24bn as of Tuesday.