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Nigeria’s foreign exchange reserves recorded a sharp increase by the end of 2025, with net reserves reaching $34.80 billion, according to Central Bank Governor Olayemi Cardoso.
In a statement issued by the CBN on Monday, Cardoso explained that gross and net reserves showed “significant increases by the end of 2025, reflecting stronger external sector fundamentals and ongoing policy reforms.”
He noted that gross external reserves reached $50.45 billion on February 16, 2026, while net reserves increased from $23.11 billion in 2024 to $34.80 billion in 2025. This marked a dramatic increase from just $3.99 billion in 2023, which he described as “substantial strengthening in the level and quality of Nigeria’s external buffers over the past three years.”
Cardoso emphasized that the gains were driven by transparency in currency management, increased investor confidence, stronger inflows and better reserve practices aimed at preserving capital and ensuring liquidity. He added: “The net reserve position in 2025 alone exceeds the total gross reserves recorded at the end of 2023, which was $33.22 billion.”
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Gross reserves also increase by $5.52 billion between 2024 and 2025, reaching $45.71 billion. Cardoso said the expansion highlights Nigeria’s enhanced ability “to meet external obligations, support exchange rate stability and strengthen overall macroeconomic resilience.”
He reiterated the CBN’s commitment to maintaining adequate buffers and maintaining confidence in Nigeria’s external position.
Cardoso attributed the increase in reserves to favorable trading conditions, a current account surplus, increased non-oil exports and increased diaspora remittances. He emphasized that “underlying all of this, frankly, is market confidence. Without market confidence, whatever you do, you’re going to find that you’re going to be significantly sub-optimized.”
