Nigeria’s net foreign exchange reserves climbed to $34.80 billion at the end of 2025, marking a sharp increase from $3.99 billion recorded at the close of 2023, according to the Governor of the Central Bank of Nigeria, Olayemi Cardoso.
In a statement issued on Monday, the apex bank said both gross and net reserves improved significantly, reflecting what it described as stronger external 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 February 16, 2026, Cardoso had earlier disclosed during the post-Monetary Policy Committee briefing on February 24. Providing additional clarification over the weekend, he confirmed that net reserves rose to $34.80 billion as of December 31, 2025.
The statement read, “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.
“Following his disclosure at the post-Monetary Policy Committee press briefing on Tuesday, February 24, 2026, where he said the country’s gross external reserves stood at $50.45bn as of February 16, 2026, Mr Cardoso, at the weekend, said the net foreign exchange reserves, as of the end of December 2025, rose to $34.80bn.”
Net reserves, which exclude short-term liabilities and obligations, provide a clearer measure of funds readily available to defend the naira and meet external commitments.
According to Cardoso, 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 latest position represents “a substantial strengthening in both the level and quality of Nigeria’s external buffers over the past three years.”
Data released by the bank showed net reserves rose from $23.11 billion at the end of 2024 to $34.80 billion by the end of 2025. Over the same period, gross reserves increased from $40.19 billion to $45.71 billion, a gain of $5.52 billion.
Cardoso added that the 2025 net reserve figure alone surpassed the country’s total gross reserves of $33.22 billion recorded at the end of 2023, describing the improvement as a fundamental shift in reserve quality.
He said the expansion underscored Nigeria’s stronger ability “to meet external obligations, support exchange rate stability and reinforce overall macroeconomic resilience.”
Reaffirming the bank’s reform agenda, Cardoso said the CBN would continue “supporting orderly foreign exchange market operations, enhancing confidence in Nigeria’s external position and sustaining macroeconomic stability in line with its statutory mandate.”
