Nigeria’s External Reserves Pass $45bn for the First Time in 6 years

Nigeria’s External Reserves Pass $45bn for the First Time in 6 years

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Nigeria’s external reserves have risen above $45 billion for the first time in about six years. This suggests the country now has a stronger buffer of foreign currency than it has had in a long time.Business tax consultation

External reserves are the foreign money Nigeria keeps to support the naira, pay for imports, and meet international obligations. When reserves rise, it can help improve confidence in the economy and reduce pressure in the foreign exchange market.

Reports based on Central Bank data say the reserves have been growing steadily in recent months, moving up from around the low $40 billion range and crossing the $45 billion mark in early December.

This increase may be linked to better inflows such as oil earnings, diaspora remittances, and renewed investor interest. Some analysts also point to recent funding efforts that may have helped improve the country’s FX position.

For many Nigerians, the big question is what this will mean in real life. If the reserves remain strong, it could support a more stable exchange rate and make it easier for businesses to access foreign currency for imports.

However, sustaining this level will depend on continued oil production and exports, steady foreign inflows, and consistent economic policies.