The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has disclosed that Nigeria’s net foreign exchange reserves rose to 34.80 billion dollars at the end of 2025, marking a 772 per cent increase from 3.99 billion dollars recorded at the end of 2023.
In a statement issued by the apex bank on Monday, Cardoso said the sharp rise signals a significant strengthening in the country’s external buffers and reflects stronger external sector fundamentals and sustained policy reforms.
He had earlier revealed during the Monetary Policy Committee briefing on February 24, 2026, that Nigeria’s gross external reserves stood at 50.45 billion dollars as of February 16, 2026. Providing further clarification, he stated that the net reserves as of December 31, 2025, climbed to 34.80 billion dollars.
According to the statement, “The Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, has stated that Nigeria’s gross and net foreign reserves showed significant improvement at the end of 2025, reflecting stronger external sector fundamentals and sustained policy reforms.”
Cardoso explained that the figures highlight the benefits of increased transparency and credibility in foreign exchange management.
He said, “The improvement emphasised the benefits of increased transparency and credibility in foreign exchange management, boosting investor confidence, attracting stronger FX inflows, and improving reserve management practices aimed at preserving capital, ensuring liquidity, and supporting long-term sustainability.”
The CBN noted that while gross reserves represent the total stock of foreign assets held by the bank, net reserves exclude short-term liabilities and obligations, giving a clearer picture of the funds readily available to defend the naira and meet external commitments.
The governor described the development as a substantial strengthening in both the level and quality of Nigeria’s reserves over the past three years. He added that the 2025 net reserve figure alone exceeded the total gross reserves recorded at the end of 2023, which stood at 33.22 billion dollars.
The statement further showed that net reserves rose from 23.11 billion dollars at the end of 2024 to 34.80 billion dollars at the end of 2025. Within the same period, gross external reserves increased from 40.19 billion dollars to 45.71 billion dollars, a growth of 5.52 billion dollars.
Cardoso said the expansion demonstrates Nigeria’s improved capacity “to meet external obligations, support exchange rate stability and reinforce overall macroeconomic resilience.”
He reaffirmed the CBN’s commitment to maintaining adequate reserve buffers and sustaining orderly foreign exchange market operations in line with its statutory mandate.
Speaking earlier in Abuja, Cardoso attributed the reserve build-up to favourable trade developments, a healthy current account surplus, rising non-oil exports and increased diaspora remittances.
“Underpinning all this, quite frankly, is market confidence. Without market confidence, no matter what you do, you’ll find you will significantly sub-optimise,” he said.
