…Net foreign reserves climb from $3.99bn in 2023 to $34.8bn in 2025
Nigeria’s net foreign reserves surged from $3.99 billion at the end of 2023 to $34.8 billion by December 2025, the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has disclosed.
Cardoso described the jump as a “substantial strengthening” of the country’s external buffers, highlighting both the level and quality of reserves as markedly improved over the three-year period.
He noted that the 2025 net reserves alone surpassed the total gross reserves recorded at the end of 2023, which stood at $33.22 billion.
According to the CBN chief, net reserves rose from $23.11 billion in 2024 to $34.8 billion in 2025, while gross external reserves increased from $40.19 billion to $45.71 billion, representing a $5.52 billion gain.
“The expansion demonstrates Nigeria’s enhanced ability to meet external obligations, stabilize the exchange rate, and reinforce macroeconomic resilience,” Cardoso said.
He added that the strong reserve position validates ongoing policy reforms and adjustments in the external sector.
Cardoso reiterated the Bank’s commitment to maintaining adequate reserve buffers to support orderly foreign exchange market operations, boost investor confidence, and sustain macroeconomic stability.
He said the improvements reflect stronger external sector fundamentals and more transparent foreign exchange management, which have attracted inflows and strengthened reserve management practices.
At the post-Monetary Policy Committee (MPC) meeting, Cardoso revealed that Nigeria’s gross external reserves stood at $50.45 billion as of February 16, 2026. He emphasized that the growing reserves provide a cushion to preserve capital, ensure liquidity, and sustain long-term economic stability.
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