Nigeria’s net reserves rise to $34.8bn in two years

The Central Bank of Nigeria (CBN) has disclosed that Nigeria’s net foreign exchange reserves stood at $34.80 billion as of December 2025.

CBN Governor Olayemi Cardoso disclosed this at the end of the last Monetary Policy Committee (MPC) meeting.

The last MPC meeting was held on February 24, 2026, in Abuja.

Cardoso had earlier stated that Nigeria’s gross external reserves stood at $50.45 billion.

A statement issued on Monday by the CBN quoted Cardoso as saying that net reserves increased from $3.99 billion at the end of 2023 to $34.80 billion at the close of 2025.

He described the increase as a fundamental improvement in reserve quality and overall external buffers.

Cardoso said the 2025 net reserve figure exceeded the total gross reserves recorded at the end of 2023, which stood at $33.22 billion.

The CBN Governor added that net reserves rose from $23.11 billion at end of 2024 to $34.80 billion at end of 2025.

Cardoso stated gross external reserves increased to $45.71 billion from $40.19 billion within the same period.

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Cardoso noted that the expansion underscored Nigeria’s enhanced capacity to meet external obligations and support exchange rate stability.

He said improved transparency and credibility in foreign exchange management boosted investor confidence and attracted stronger FX inflows.

Cardoso said the end-2025 reserve position validated the bank’s ongoing policy reforms and external sector adjustments.

He reaffirmed the CBN’s commitment to maintaining adequate reserve buffers and sustaining macroeconomic stability in line with its mandate.

The Star