Nigeria’s net reserves jump from $3.99bn to $34.80bn in two years- Cardoso

Nike Popoola

The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has stated 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.

Following his disclosure at the post-Monetary Policy Committee (MPC) press briefing on Tuesday, February 24, 2026, where he said the country’s gross external reserves stood at $50.45 billion as of February 16, 2026, Mr. Cardoso, at the weekend, said the net foreign exchange reserves, as at the end of December 2025, rose to $34.80 billion.

According to a statement obtained from CBN today, 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.

According to him, the improvement 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.

Mr. 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.

He 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.