The Central Bank of Nigeria (CBN) Governor, Mr. Olayemi Cardoso has revealed that Nigeria’s gross and net foreign reserves improved significantly at the end of 2025, reflecting stronger external sector fundamentals and sustained policy reforms.
The apex bank disclosed this in a post issued on Tuesday via its official X handle (@CenBank)
The post said at the post-MPC briefing on Feb 24, 2026, Cardoso disclosed gross external reserves stood at $50.45bn as of Feb 16, 2026, while net FX reserves rose to $34.80bn at end-December 2025.
The governor emphasized that the improved reserve position underscores the benefits of enhanced transparency and credibility in foreign exchange management. According to him, this has boosted investor confidence, attracted stronger FX inflows, and strengthened reserve management practices focused on capital preservation, liquidity, and long-term sustainability.
He noted that the improvement represents a substantial strengthening in both the level and the quality of Nigeria’s external buffers over the past three years, signaling a more resilient and stable external position for the country.
Governor Cardoso disclosed that net reserves rose sharply from $3.99 billion at the end of 2023 to $34.80 billion at the close of 2025, describing this 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.
He further explained that net reserves increased from $23.11 billion at end-2024 to $34.80 billion at end-2025. Over the same period, gross external reserves grew from $40.19 billion to $45.71 billion, representing a $5.52 billion increase, highlighting Nigeria’s enhanced capacity to meet external obligations and support exchange rate stability.
Describing the end-2025 reserve position as strong validation of ongoing policy reforms and external sector adjustments, the Governor reaffirmed the CBN’s commitment to maintaining adequate reserve buffers, supporting orderly foreign exchange market operations, strengthening confidence in Nigeria’s external position, and sustaining macroeconomic stability in line with its statutory mandate.
