Nigeria’s foreign exchange reserves recorded a sharp rise at the end of 2025, with net reserves reaching $34.80 billion, according to Central Bank Governor Olayemi Cardoso.
In a statement released by the CBN on Monday, Cardoso explained that both gross and net reserves showed “significant improvement at the end of 2025, reflecting stronger external sector fundamentals and sustained policy reforms.”
He noted that gross external reserves stood at $50.45 billion as of February 16, 2026, while net reserves climbed from $23.11 billion in 2024 to $34.80 billion in 2025. This marks a dramatic increase from just $3.99 billion in 2023, which he described as “a substantial strengthening in both the level and quality of Nigeria’s external buffers over the past three years.”
Cardoso emphasized that the gains were driven by transparency in FX management, improved investor confidence, stronger inflows, and better reserve practices aimed at preserving capital and ensuring liquidity. He added: “The 2025 net reserve position alone exceeded the total gross reserves recorded at the end of 2023, which stood at $33.22 billion.”
Gross reserves also rose by $5.52 billion between 2024 and 2025, reaching $45.71 billion. Cardoso said this expansion highlighted Nigeria’s improved ability “to meet external obligations, support exchange rate stability and reinforce overall macroeconomic resilience.”
He reaffirmed the CBN’s commitment to maintaining adequate buffers and sustaining confidence in Nigeria’s external position.
Cardoso attributed the reserve build-up to favorable trade conditions, a current account surplus, rising non-oil exports, and increased diaspora remittances. He stressed that “underpinning all this, quite frankly, is market confidence. Without market confidence, no matter what you do, you’ll find you will significantly sub-optimise.”
