The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has disclosed that Nigeria recorded a significant rise in both gross and net foreign reserves at the close of 2025, underscoring renewed strength in the country’s external sector and the impact of ongoing monetary reforms.
Following his disclosure at the post-Monetary Policy Committee (MPC) briefing held on Tuesday, February 24, 2026, where he announced that Nigeria’s gross external reserves stood at $50.45 billion as of February 16, 2026.
Cardoso further revealed over the weekend that net foreign exchange reserves rose markedly to $34.80 billion at the end of December 2025.
According to the CBN Governor, the improved figures reflect enhanced transparency and credibility in foreign exchange management.
He noted that strengthened policy coordination has boosted investor confidence, attracted higher FX inflows, and improved reserve management practices focused on capital preservation, liquidity assurance, and long-term sustainability.
Cardoso described the development as a major strengthening in both the volume and quality of Nigeria’s external buffers over the past three years.
He explained that net reserves surged from $3.99 billion at the end of 2023 to $34.80 billion by the end of 2025, signaling what he termed a fundamental shift in reserve quality.
He pointed out that the 2025 net reserve level alone surpassed the total gross reserves recorded at the end of 2023, which stood at $33.22 billion—an indication of significant structural improvement.
Providing further breakdown, Cardoso stated that net reserves rose from $23.11 billion at the end of 2024 to $34.80 billion in 2025.
Over the same period, gross external reserves increased from $40.19 billion to $45.71 billion, representing a $5.52 billion growth.
He emphasized that the expansion strengthens Nigeria’s capacity to meet external obligations, stabilize the exchange rate, and reinforce overall macroeconomic resilience.
Describing the end-2025 reserve position as strong validation of the Bank’s reform agenda and external sector adjustments, Cardoso reaffirmed the CBN’s commitment to maintaining adequate reserve buffers, ensuring orderly foreign exchange market operations, and sustaining macroeconomic stability in line with its statutory mandate.