The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has announced a significant improvement in Nigeria’s gross and net foreign reserves at the end of 2025, citing stronger external sector fundamentals and sustained policy reforms.
Speaking at the post-Monetary Policy Committee (MPC) press briefing on Tuesday, February 24, 2026, Cardoso disclosed that the country’s gross external reserves stood at $50.45 billion as of February 16, 2026.
Providing further details over the weekend, the CBN governor revealed that net foreign exchange reserves rose to $34.80 billion as of December 31, 2025.
He said the improvement underscores the benefits of enhanced transparency and credibility in foreign exchange management, which have boosted investor confidence, attracted stronger FX inflows, and improved reserve management practices.
According to Cardoso, the gains reflect a substantial strengthening in both the level and quality of Nigeria’s external buffers over the past three years.
He noted that net reserves surged from $3.99 billion at the end of 2023 to $34.80 billion at the close of 2025, describing the increase as a fundamental improvement in reserve quality.
The 2025 net reserve figure, he added, exceeded the total gross reserves recorded at the end of 2023, which stood at $33.22 billion.
Further breakdown showed that net reserves rose from $23.11 billion at the end of 2024 to $34.80 billion at the end of 2025.
Over the same period, gross external reserves increased from $40.19 billion to $45.71 billion, representing a $5.52 billion rise.
Cardoso said the expansion highlights Nigeria’s improved capacity to meet external obligations, support exchange rate stability, and reinforce overall macroeconomic resilience.
He described the end-2025 reserve position as strong validation of the apex bank’s ongoing policy reforms and external sector adjustments.
Cardoso reaffirmed the CBN’s commitment to maintaining adequate reserve buffers, ensuring orderly foreign exchange market operations, strengthening confidence in Nigeria’s external position, and sustaining macroeconomic stability in line with its statutory mandate.
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