Nigeria’s net foreign exchange reserves surged by 772 per cent to $34.80 billion at the end of 2025, up from $3.99 billion recorded at the end of 2023, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said.
The sharp rise signals what the apex bank described as a major strengthening of the country’s external buffers.
In a press statement on Monday, the CBN said the improvement in both gross and net reserves reflected “stronger external sector fundamentals and sustained policy reforms.”
Gross reserves represent the total foreign assets held by the CBN, including foreign currencies and gold.
Net reserves, however, exclude short-term liabilities, showing the portion readily available to defend the naira and meet external obligations.
Cardoso had earlier disclosed at the Monetary Policy Committee (MPC) briefing on February 24, 2026, that Nigeria’s gross external reserves stood at $50.45bn as of February 16, 2026, Pinnacle Daily reported.
Providing further clarification over the weekend, he said net foreign exchange reserves rose to $34.80 billion as of the end of December 2025.
According to the statement, Cardoso said, “Nigeria’s gross and net foreign reserves showed significant improvement at the end of 2025, reflecting stronger external sector fundamentals and sustained policy reforms…. the net foreign exchange reserves, as of the end of December 2025, rose to $34.80 billion.”
He stressed that the figures “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.”
He noted that the improvement represents “a substantial strengthening in both the level and quality of Nigeria’s external buffers over the past three years.”
The CBN boss noted that net reserves rose from $23.11 billion at the end of 2024 to $34.80 billion at the end of 2025, and gross reserves increased by $5.52 billion to $45.71 billion from $40.19 billion.
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Cardoso said the expansion highlighted Nigeria’s enhanced capacity “to meet external obligations, support exchange rate stability and reinforce overall macroeconomic resilience.”
He described the end-2025 reserve position as a strong validation of ongoing reforms, reaffirming the CBN’s commitment to maintaining adequate buffers and continuing to “support orderly foreign exchange market operations, enhancing confidence in Nigeria’s external position and sustaining macroeconomic stability in line with its statutory mandate.”
The reserve build-up, which earlier pushed gross reserves to their highest level in 13 years by mid-February 2026, was supported by favourable trade developments, a current account surplus, rising non-oil exports and increased diaspora remittances.
Cardoso, at the MPC briefing in Abuja, attributed the gains to improved investor sentiment.
“Underpinning all this, quite frankly, is market confidence. Without market confidence, no matter what you do, you’ll find you will significantly sub-optimise,” Cardoso said.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
