CBN Reports Surge in Nigeria’s Net Reserves to $34.80bn
Oru Leonard
ABUJA – The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has announced a significant rise in Nigeria’s net foreign exchange reserves, underscoring what he described as strengthened external fundamentals and sustained policy reforms.
Speaking after the Monetary Policy Committee (MPC) meeting on February 24, 2026, Cardoso revealed that the country’s gross external reserves stood at $50.45 billion as of February 16, 2026. He further disclosed at the weekend that net foreign exchange reserves climbed to $34.80 billion at the end of December 2025.
According to the CBN governor, the improvement reflects enhanced transparency and credibility in foreign exchange management. He noted that these measures have bolstered investor confidence, attracted stronger FX inflows, and improved reserve management practices focused on capital preservation, liquidity assurance, and long-term sustainability.
Cardoso highlighted that net reserves rose sharply from $3.99 billion at the end of 2023 to $34.80 billion by the close of 2025, describing the development as a fundamental improvement in reserve quality. He added that the 2025 net reserve figure alone surpassed the total gross reserves of $33.22 billion recorded at the end of 2023.
Providing further breakdown, he said net reserves increased from $23.11 billion at the end of 2024 to $34.80 billion at the end of 2025. Within the same period, gross external reserves grew from $40.19 billion to $45.71 billion—an increase of $5.52 billion.
The CBN governor stated that the expansion demonstrates Nigeria’s improved capacity to meet external obligations, stabilise the exchange rate, and strengthen macroeconomic resilience. He described the end-2025 reserve position as strong validation of the Bank’s ongoing reforms and external sector adjustments.
Cardoso reaffirmed the apex bank’s commitment to maintaining adequate reserve buffers, supporting orderly foreign exchange market operations, and sustaining macroeconomic stability in line with its statutory mandate.
