Nigeria’s net foreign exchange reserves rose to $34.80 billion at the end of 2025, marking a sharp improvement in the country’s external liquidity position, according to the Governor of the Central Bank of Nigeria, Olayemi Cardoso.
In a statement issued on Monday by the CBN, it was noted that Cardoso disclosed that net reserves increased from $23.11 billion at the end of 2024 to $34.80 billion at the close of 2025, representing a $11.69 billion rise within one year.
The figure also reflects a significant recovery from $3.99 billion at the end of 2023, signalling what the apex bank described as a marked improvement in reserve quality over a two-year period.
The statement read, “The Governor of the Central Bank of Nigeria (CBN), 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 (MPC) press briefing on Tuesday, February 24, 2026, where he said the country’s gross external reserves stood at $50.45 billion as of February 16, 2026, Mr. Cardoso, at the weekend, said the net foreign exchange reserves, as at the end of December 2025, rose to $34.80 billion.”
Notably, the 2025 net reserve position exceeded Nigeria’s total gross external reserves recorded at the end of 2023, which stood at $33.22 billion.
This means that the country’s liquid and unencumbered foreign exchange buffers as of end-2025 were stronger than the entire headline gross reserve level just two years earlier.
Gross reserves rose by N5.52 billion in one year
Gross reserves also strengthened over the review period.
According to Cardoso, gross external reserves rose from $40.19 billion at end-2024 to $45.71 billion at end-2025, reflecting a $5.52 billion increase. As of February 16, 2026, gross reserves had climbed further to $50.45 billion.
He said the improvement in both gross and net reserves reflects stronger external sector fundamentals and sustained policy reforms.
Net reserves, which exclude short-term liabilities and other encumbrances embedded in the gross figure, are widely viewed as a more reliable indicator of a country’s actual external buffer.
The CBN governor attributed the surge to improved transparency and credibility in foreign exchange management, which he said boosted investor confidence and attracted stronger FX inflows.
He added that enhanced reserve management practices were aimed at preserving capital, ensuring liquidity and supporting long-term sustainability.
According to him, the expansion highlights Nigeria’s improved capacity to meet external obligations, support exchange rate stability and reinforce overall macroeconomic resilience.
He described the end-2025 reserve position as validation of the Bank’s ongoing reforms and external sector adjustments, reaffirming the CBN’s commitment to maintaining adequate buffers and orderly foreign exchange market operations.
