The Central Bank of Nigeria, CBN, says the country’s gross and net foreign reserves significantly improved at the end of 2025, reflecting stronger external sector fundamentals and sustained policy reforms.
The CBN Governor, Olayemi Cardoso, who revealed this at the weekend, said the net foreign exchange reserves, as at the end of December 2025, rose to $34.80 billion.
This follows his disclosure at the post-Monetary Policy Committee, MPC, press briefing, last Tuesday, where he revealed that the country’s gross external reserves stood at $50.45 billion as of February 16, 2026.
Cardoso stated 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.
In a statement by the Corporate Communications Department of the CBN, Cardoso said the improvement represents a substantial strengthening in both the level and quality of Nigeria’s external buffers over the past three years.
He disclosed that net reserves increased sharply from $3.99 billion at the end of 2023 to $34.80 billion at the close of 2025, reflecting what he described as a fundamental improvement in reserve quality.
He said, “ the 2025 net reserve position alone exceeded the total gross reserves recorded at the end of 2023, which stood at $33.22 billion.
“That net reserves rose from $23.11 billion at end-2024 to $34.80 billion at end-2025, while gross external reserves increased to $45.71 billion from $40.19 billion over the same period, representing an increase of $5.52 billion.
“The expansion highlighted Nigeria’s enhanced capacity to meet external obligations, support exchange rate stability and reinforce overall macroeconomic resilience.”
Eze Chidiebere Paul
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