Nigeria’s foreign reserves have crossed the $45 billion mark, according to the latest data released by the Central Bank of Nigeria (CBN).

Last week foreign exchange inflows through the Nigerian Foreign Exchange Market (NFEM) increased marginally to $844.70mn, compared with $841.10mn in the previous week.

Non-Bank Corporates accounted for the largest share of inflows at 25.52% or $215.60mn. This was followed by Individuals 18.38%, exporters (18.15%), CBN 16.79%, foreign portfolio investors 16.48%, while other sources contributed 1.01%.

As a result gross external reserve rose by 0.84% w/w $374.66m to $45.04bn as of 4th December 2025, supported by stronger inflows during the week. This implies that Nigeria has added nearly $5 billion to its reserves within a short period—an impressive turnaround at a time when many developing economies are struggling with declining foreign exchange stock.

The reserves, which now stand at $45.04 billion, represent one of the strongest positions the country has recorded in the last six years, marking a significant leap from previous levels. The last time Nigeria’s foreign reserves reached this territory was July 23, 2019, when reserves stood at $45.04 billion.

From available data the recent buildup in Nigeria’s reserves is a steady, consistent accumulation that reflects improving foreign exchange inflows.
The month began with reserves at $43.26 billion, maintaining a firm hold above the $43 billion threshold for several days.

By November 18, the reserves climbed to $44.05 billion, signalling growing inflows and reduced pressure on the foreign exchange market. They continued on this upward trajectory, closing the month at $44.67 billion, one of the strongest month-end positions recorded in recent times.

The Naira however depreciated across the official and parallel markets last week, reflecting broad weakness in the performance of the currency.

The official rate depreciated mildly by 0.25% w/w to close at N1,450.43/$1, while the parallel market rate weakened by 1.67% w/w to settle at N1,495.00/$1.

Consequently, the spread between both markets expanded to N44.57/$1, from the N23.26/$1 of the previous week.

African Export-Import Bank said it has successfully closed its second Samurai bond transaction, securing a total of JPY 81.8 billion (approx. USD 527 million) through Regular and Retail Samurai Bonds offerings.

The execution surpasses the Bank’s 2024 debut issuance size, attracting orders from more than 100 institutional and retail investors, marking a renewed demonstration of strong Japanese investor confidence in the Bank’s credit and its growing presence in the yen capital markets.

On 18 November, Afreximbank priced a JPY 45.8 billion 3-year tranche in the Regular Samurai market following a comprehensive sequence of investor engagement activities leveraging Tokyo International Conference on African Development (TICAD9), including Non-Deal Roadshows (NDRs) in Tokyo, Kanazawa, Kyoto, Shiga and Osaka, a Global Investor Call, and a two-day soft-sounding process which tested investor appetite across 2.5-, 3-, 5-, 7-, and 10-year maturities.

With market expectations of a Bank of Japan interest rate increase, investor demand concentrated in shorter tenors, resulting in a focused 3-year tranche during official marketing.

The tranche attracted strong participation from asset managers (22.3%), life insurers (15.3%), regional corporates, and high-net-worth investors (39.7%).

Concurrently, Afreximbank priced its second Retail Samurai bond on 18 November, a JPY 36.0 billion 3-year tranche, more than double the inaugural JPY 14.1 billion Retail Samurai issuance completed in November 2024.

The 2025 Retail Samurai bond also marks the first Retail Samurai bond issued in Japan in 2025.

Following the amendment to Afreximbank’s shelf registration on 7 November 2025, SMBC Nikko conducted an extensive seven-business-day demand survey through its nationwide branch network, followed by a six-business-day bond offering period.

The offering benefited from strong visibility supported by Afreximbank’s investor engagement across the country, including the Bank’s participation at TICAD9, where Afreximbank hosted the Africa Finance Seminar to introduce Multinational Development Bank’s mandate in Africa and its credit profile to key Japanese institutional investors.

MBC Nikko Securities Inc. acted as Sole Lead Manager and Bookrunner for both the Regular and Retail Samurai transactions. Chandi Mwenebungu, Afreximbank’s Managing Director, Treasury & Markets and Group Treasurer, commented:

“We are pleased with the successful completion of our second Samurai bond transactions, which marked a significant increase from our inaugural Retail Samurai bond in 2024, and which reflect the growing depth of our relationship with Japanese investors.

The strong demand, both in the Regular and Retail offerings, demonstrates sustained confidence in Afreximbank’s credit and mandate.

We remain committed to deepening our engagement in the Samurai market through regular investor activities and continued collaboration with our Japanese partners.”

Ecobank Nigeria, a member of Africa’s leading pan-African banking group, has announced the launch of the Ecobank SME Bazaar—a two-weekend festive marketplace designed to celebrate local creativity, empower entrepreneurs, and give Lagos residents a premium shopping experience this Detty December. The Bazaar will hold on 29–30 November and 6–7 December at the Ecobank Pan African Centre (EPAC), Ozumba Mbadiwe Road, Victoria Island, Lagos. Speaking ahead of the event, Omoboye Odu, Head of SMEs, Ecobank Nigeria, reaffirmed the bank’s commitment to supporting small and medium-sized businesses, describing them as the heartbeat of Nigeria’s economy. She explained that the Ecobank SME Bazaar was created to enhance visibility for entrepreneurs, expand market access, and support sustainable business growth.
According to her, “This isn’t just a market—it’s a vibrant hub of culture, commerce, and connection. From fresh farm produce to trendy fashion, handcrafted pieces, lifestyle products, and delicious food and drinks, the Ecobank SME Bazaar promises an unforgettable experience for both shoppers and participating SMEs. Whether you’re shopping for festive gifts, hunting for unique finds, or soaking in the Detty December energy, this is the place to be.” Ms. Odu added that participating businesses will enjoy increased brand exposure, deeper customer engagement, and meaningful networking opportunities—making the Bazaar a strong platform for both festive-season sales and long-term business growth. The event is powered by Ecobank in partnership with TKD Farms, Eko Marche, Leyyow, and other SME-focused organisations committed to building sustainable enterprises.