The Central Bank of Nigeria (CBN) announced that by the end of 2025, the country’s gross and net foreign reserves showed significant improvement, indicative of stronger external sector fundamentals and ongoing policy reforms.
Olayemi Cardoso, the Governor of CBN, disclosed this over the weekend, stating that net foreign exchange reserves reached $34.80 billion by the end of December 2025.
This follows his revelation during the press briefing after the Monetary Policy Committee (MPC) meeting last Tuesday, where he disclosed that the gross external reserves of the country were $50.45 billion as of February 16, 2026.
According to Cardoso, the figures underscored the advantages of enhanced transparency and credibility in foreign exchange management, which boosts investor confidence, draws in stronger FX inflows, and improves reserve management practices designed to safeguard capital, guarantee liquidity, and promote long-term sustainability.
Cardoso noted in a statement issued by the CBN’s Corporate Communications Department that this enhancement indicates a considerable fortification of Nigeria’s external buffers, both in level and quality, over the last three years.
He revealed that net reserves rose sharply from $3.99 billion at the end of 2023 to $34.80 billion by the end of 2025, which he characterized 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.”
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