Nigeria’s net foreign exchange reserves rose sharply to $34.80 billion at the end of 2025, reflecting a significant strengthening of the country’s external liquidity position, Governor of the Central Bank of Nigeria, Olayemi Cardoso, has disclosed.
In a statement issued on Monday, the apex bank said net reserves increased from $23.11 billion at the end of 2024 to $34.80 billion by December 2025 — an $11.69 billion rise within one year. The figure also marks a substantial rebound from $3.99 billion recorded at the end of 2023, signalling what the CBN described as a marked improvement in reserve quality over two years.
According to the statement, Cardoso first highlighted the positive trend during the post–Monetary Policy Committee (MPC) briefing on February 24, 2026, where he revealed that Nigeria’s gross external reserves stood at $50.45 billion as of February 16, 2026. He subsequently confirmed that net reserves had climbed to $34.80 billion as of December 31, 2025.
Notably, the end-2025 net reserve position exceeded Nigeria’s total gross external reserves of $33.22 billion recorded at the close of 2023. This indicates that the country’s liquid and unencumbered foreign exchange buffers are now stronger than the entire headline gross reserve level just two years earlier.
The CBN governor further explained that gross external reserves rose from $40.19 billion at end-2024 to $45.71 billion at end-2025, representing a $5.52 billion increase. As of mid-February 2026, gross reserves had climbed further to $50.45 billion.
Cardoso attributed the sustained growth in both gross and net reserves to stronger external sector fundamentals and ongoing policy reforms. He noted that net reserves — which exclude short-term liabilities and other encumbrances embedded in gross reserves — provide a more accurate measure of a country’s actual external buffer.
He said improved transparency and credibility in foreign exchange management had boosted investor confidence and attracted stronger FX inflows, while enhanced reserve management practices were focused on capital preservation, liquidity, and long-term sustainability.
According to him, the expansion in reserves underscores Nigeria’s improved capacity to meet external obligations, support exchange rate stability, and strengthen overall macroeconomic resilience.
Cardoso described the end-2025 reserve position as validation of the Bank’s reform agenda and external sector adjustments, reaffirming the CBN’s commitment to maintaining adequate buffers and ensuring orderly foreign exchange market operations.
