By Ayomide Otitoju
Nigeria’s net foreign exchange reserves rose sharply by 772 percent over two years, increasing from $3.99 billion at the end of 2023 to $34.80 billion as of December 2025, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, disclosed on Monday.
Cardoso’s announcement followed last week’s post-Monetary Policy Committee (MPC) briefing, where he noted that the country’s gross external reserves stood at $50.45 billion as of February 16, 2026.
The CBN governor attributed the surge in net reserves to improved transparency and credibility in foreign exchange management, which he said strengthened investor confidence, attracted higher FX inflows, and enhanced reserve management practices aimed at preserving capital, ensuring liquidity, and supporting long-term sustainability.
“Net reserves increased sharply from $3.99 billion at the end of 2023 to $34.80 billion at the close of 2025, reflecting a fundamental improvement in reserve quality,” Cardoso said. He noted that the 2025 net reserve position alone exceeded the total gross reserves of $33.22 billion recorded at the end of 2023.
Between 2024 and 2025, net reserves rose from $23.11 billion to $34.80 billion, while gross external reserves increased from $40.19 billion to $45.71 billion, representing a $5.52 billion gain.
The governor said the expansion reflects Nigeria’s enhanced capacity to meet external obligations, support exchange rate stability, and reinforce macroeconomic resilience. He described the end-2025 reserve position as a strong validation of ongoing CBN policy reforms and external sector adjustments.
Cardoso reaffirmed the Bank’s commitment to maintaining adequate reserve buffers, supporting orderly FX market operations, and sustaining macroeconomic stability in line with its statutory mandate.
