The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has announced that Nigeria’s net foreign exchange reserves soared to $34.80 billion at the end of 2025, marking a 772 percent increase from $3.99 billion recorded at the end of 2023. The rise reflects a substantial strengthening of the country’s external buffers.
According to the CBN, the improvement in both gross and net reserves highlights stronger external sector fundamentals and the impact of sustained policy reforms. Gross reserves, which include foreign currencies, gold, and other external assets, stood at $50.45 billion as of mid-February 2026, while net reserves—which account for short-term liabilities—reached $34.80 billion by December 2025.
Cardoso noted that the increase in reserves demonstrates the benefits of transparency and credibility in foreign exchange management, boosting investor confidence, attracting stronger foreign currency inflows, and improving reserve management practices.
Net reserves grew from $23.11 billion at the end of 2024 to $34.80 billion at the close of 2025, while gross external reserves increased by $5.52 billion over the same period. The figures reflect Nigeria’s enhanced ability to meet external obligations, support exchange rate stability, and reinforce overall macroeconomic resilience.
The CBN governor attributed the gains to favourable trade developments, a healthy current account surplus, rising non-oil exports, increased diaspora remittances, and improved market confidence. He emphasised that ongoing engagement with international investors and consistent policy measures have helped strengthen Nigeria’s external position.
Cardoso reaffirmed the central bank’s commitment to maintaining adequate reserve buffers and supporting orderly foreign exchange market operations to sustain macroeconomic stability.
