The Central Bank of Nigeria (CBN) on Tuesday disclosed that Nigeria’s gross external reserve climbed to $43 billion as of September 11, 2025.
This was revealed by the CBN Governor, Olayemi Cardoso, while briefing journalists after the 302nd meeting of the Monetary Policy Committee (MPC) held on September 22nd and 23rd, 2025, in Abuja.
This marks a notable increase from the $40.51 billion recorded at the end of July 2025 and indicates a strong and positive trend.
According to him, this growth in reserves is a clear sign of improved economic stability and translates to an import cover of 8.28 months, which is well above international benchmarks.
The country also recorded a substantial current account surplus of $5.28 billion in the second quarter of the year, further strengthening its financial position.
In a separate but equally crucial development, the CBN has confirmed that 14 Nigerian banks have successfully met the new capital requirements, a key part of the ongoing recapitalisation exercise.
The new capital regulations, which vary by banking license, require commercial banks with an international authorisation to hold ₦500 billion, while those with a national authorisation must have ₦200 billion. Regional banks and merchant banks now need ₦50 billion, and non-interest banks need between ₦10 billion and 20 billion.
This recapitalisation is a major reform aimed at strengthening the financial system and ensuring banks are robust enough to withstand economic shocks.
The last major exercise of this kind was in 2004, when the minimum capital was raised from ₦2 billion to ₦25 billion, leading to mergers that reduced the number of banks from 89 to 25.
The current effort is expected to create a more resilient and competitive banking sector. In addition, the CBN’s Monetary Policy Committee (MPC) also decided to reduce the Monetary Policy Rate (MPR) by 50 basis points to 27%, a move likely aimed at stimulating economic activity.
