From Adanna Nnamani, Abuja
Nigeria’s current account surplus jumped to $5.28 billion in the second quarter of 2025, up from $2.85 billion recorded in the first quarter, reflecting stronger external resilience and improved foreign exchange inflows.
The Central Bank of Nigeria (CBN) disclosed this on Tuesday in a Frequently Asked Questions (FAQ) document published on its official website, adding that gross external reserves climbed to $43.05 billion as of September 11, enough to cover 8.28 months of imports.
According to the apex bank, the growth in reserves is boosting confidence among citizens, investors, and other economic agents. It attributed the improvement to sustained exchange rate stability, tighter monetary policy, and a moderation in petroleum product prices, which have combined to strengthen the country’s balance of payments outlook.
As at September 25, external reserves had surpassed $42 billion, the highest in over six years. The last time reserves came close to the present figure was September 27, 2019, when they hit $41.99 billion. Latest CBN data also shows reserves gained $692 million in just 18 days, maintaining an upward trend since July 14, 2025.
On monetary policy, the CBN explained that the Monetary Policy Committee (MPC) recently reduced the Cash Reserve Ratio (CRR) for commercial banks from 50 per cent to 45 per cent to ease liquidity pressure and allow more productive lending. At the same time, the MPC introduced a 75 per cent CRR on non-Treasury Single Account (TSA) public sector deposits to mop up excess liquidity.
“The reduction seeks to ease the liquidity burden on commercial banks, thereby providing more room for productive lending and intermediation.
“This measure ensures that these deposits do not contribute to inflationary pressure, which could undermine the current momentum of disinflation,” the CBN stated.
It assured that depositors would retain full access to their funds as banks remain capable of meeting legitimate obligations.
The apex bank further stressed its commitment to balancing inflation control with credit support to the real sector, especially micro, small and medium enterprises (MSMEs). It noted that conventional policy tools are being deployed to anchor inflation expectations and ensure financial system stability.
It also restated its role as lender of last resort, pledging to continue providing short-term liquidity support to banks through the Standing Lending Facility to safeguard systemic stability.
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