Nigeria’s net foreign exchange reserves climbed to $34.80 billion at the end of 2025, up from $23.11 billion in 2024, according to Olayemi Cardoso, Governor of the Central Bank of Nigeria.
The $11.69 billion increase within one year marks a sharp improvement in the country’s external liquidity position. The figure also represents a significant recovery from $3.99 billion recorded at the end of 2023, reflecting what the apex bank described as stronger reserve quality over two years.
Cardoso disclosed that Nigeria’s gross external reserves rose from $40.19 billion at end-2024 to $45.71 billion at end-2025, a $5.52 billion increase. As of February 16, 2026, gross reserves had climbed further to $50.45 billion.
Notably, the 2025 net reserve position exceeds the country’s total gross reserves of $33.22 billion recorded at the end of 2023, indicating that Nigeria’s liquid and unencumbered foreign exchange buffers are now stronger than the entire headline reserve level two years ago.
Net reserves exclude short-term liabilities and other encumbrances embedded in the gross figure and are considered a more accurate measure of a country’s true external buffer.
Cardoso attributed the improvement to enhanced transparency in foreign exchange management, stronger investor confidence, and increased FX inflows. He said ongoing reserve management reforms are focused on preserving capital, ensuring liquidity, and supporting long-term sustainability.
The CBN maintained that the stronger reserve position improves Nigeria’s capacity to meet external obligations, stabilise the exchange rate, and reinforce macroeconomic resilience.
