The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has disclosed that Nigeria’s net foreign exchange reserves rose by 772 per cent within two years, increasing from $3.99 billion at the end of 2023 to $34.80 billion as of December 2025.
Cardoso made the disclosure in a statement issued on Monday, describing the development as a significant improvement in the country’s external position.
The CBN governor had earlier revealed during last week’s post-Monetary Policy Committee (MPC) briefing that Nigeria’s gross external reserves stood at $50.45 billion as of February 16, 2026.
In the latest statement, he attributed the sharp rise in net reserves to improved transparency and credibility in foreign exchange management, which he said had strengthened investor confidence, attracted stronger FX inflows and enhanced reserve management practices focused on capital preservation, liquidity and long-term sustainability.
According to him, the increase signals a marked strengthening in both the level and quality of Nigeria’s external buffers over the past three years.
“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,” Cardoso stated.
He noted that the 2025 net reserve position alone surpassed the total gross reserves recorded at the end of 2023, which stood at $33.22 billion.
Providing further breakdown, Cardoso said net reserves climbed from $23.11 billion at the end of 2024 to $34.80 billion by the end of 2025. Over the same period, gross external reserves rose from $40.19 billion to $45.71 billion, representing an increase of $5.52 billion.
He said the expansion underscores Nigeria’s improved capacity to meet external obligations, support exchange rate stability and reinforce overall macroeconomic resilience.
Describing the end-2025 reserve position as strong validation of the 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 and sustaining macroeconomic stability in line with its statutory mandate.
