Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has disclosed that Nigeria’s gross and net foreign reserves showed significant improvement at the end of 2025, reflecting stronger external sector fundamentals and sustained policy reforms.
Cardoso had disclosed at the post-Monetary Policy Committee (MPC) press briefing on Tuesday, February 24, 2026 that the country’s gross external reserves stood at $50.45 billion as of February 16, 2026. A further addition to that is the net foreign exchange reserves which as at the end of December 2025, rose to $34.8 billion according to the Governor.
He stated that the figures emphasised the benefits of increased transparency and credibility in foreign exchange management, boosting investor confidence, attracting stronger FX inflows, and improving reserve management practices aimed at preserving capital, ensuring liquidity, and supporting long-term sustainability.
The improvement according to him represents a substantial strengthening in both the level and quality of Nigeria’s external buffers over the past three years.
He disclosed that net reserves increased sharply from $3.99 billion at the end of 2023 to $34.80 billion at the close of 2025, reflecting what he described as a fundamental improvement in reserve quality. He added that the 2025 net reserve position alone exceeded the total gross reserves recorded at the end of 2023, which stood at $33.22 billion.
According to a statement from the apex banking regulator, Cardoso further stated 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. He said the expansion highlighted Nigeria’s enhanced capacity to meet external obligations, support exchange rate stability and reinforce overall macroeconomic resilience.
The Governor described the end-2025 reserve position as strong validation of the Bank’s ongoing policy reforms and external sector adjustments. He reaffirmed the CBN’s commitment to maintaining adequate reserve buffers, supporting orderly foreign exchange market operations, enhancing confidence in Nigeria’s external position and sustaining macroeconomic stability in line with its statutory mandate.
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