Nigeria’s gross and net foreign reserves climbed significantly to $34.80 billion at the end of 2025, reflecting stronger external fundamentals and the impact of sustained reforms by the Central Bank of Nigeria (CBN).
CBN Governor Olayemi Cardoso disclosed that net foreign exchange reserves rose to $34.80 billion as of December 2025, up sharply from $3.99 billion at the end of 2023.
He noted that gross external reserves stood at $50.45 billion as of February 16, 2026. Net reserves also increased from $23.11 billion at the end of 2024 to $34.80 billion in 2025, while gross reserves grew from $40.19 billion to $45.71 billion within the same period.
According to Cardoso, the improvement underscores enhanced transparency and credibility in foreign exchange management, which has strengthened investor confidence, attracted FX inflows, and improved reserve management practices focused on capital preservation, liquidity, and long-term sustainability.
He added that the 2025 net reserve figure alone exceeded Nigeria’s total gross reserves at the end of 2023, which stood at $33.22 billion — a development he said validates ongoing policy reforms and external sector adjustments.
The CBN reiterated its commitment to maintaining adequate buffers, ensuring orderly foreign exchange markets, and safeguarding overall macroeconomic stability.
