Nigeria’s net foreign exchange reserves surged to $34.80 billion at the end of 2025, reflecting a significant improvement in the country’s external liquidity, according to the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso.
In a statement released on Monday, the CBN disclosed that net reserves rose from $23.11 billion at the close of 2024, representing an $11.69 billion increase within a year. The figure also marks a remarkable recovery from $3.99 billion at the end of 2023, signalling stronger reserve quality over a two-year period.
“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,” the statement read.
Gross external reserves also strengthened, rising from $40.19 billion at end-2024 to $45.71 billion at end-2025—a $5.52 billion increase. As of February 16, 2026, gross reserves further climbed to $50.45 billion.
Cardoso noted that net reserves, which exclude short-term liabilities and other encumbrances, provide a more accurate measure of Nigeria’s actual external buffer. He attributed the surge to improved transparency and credibility in foreign exchange management, which boosted investor confidence and attracted stronger FX inflows.
The CBN Governor highlighted that the enhanced reserve position strengthens Nigeria’s capacity to meet external obligations, support exchange rate stability, and reinforce overall macroeconomic resilience. He described the end-2025 figures as validation of the Bank’s ongoing reforms and external sector adjustments, reaffirming the CBN’s commitment to maintaining adequate buffers and orderly FX market operations.
