By Seun Ibiyemi
Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, says Nigeria’s net foreign exchange reserves rose to 34.80 billion dollars as at December 2025, marking a sharp increase from previous years.
Cardoso disclosed this in a statement issued on Monday in Lagos at the end of the last Monetary Policy Committee (MPC) meeting, which was held on Feb. 24 in Abuja.
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He had earlier stated that the country’s gross external reserves stood at 50.45 billion dollars as at Feb. 16, 2026.
According to the governor, net reserves climbed from 3.99 billion dollars at the end of 2023 to 34.80 billion dollars at the close of 2025, describing the development as a fundamental improvement in reserve quality and overall external buffers.
Cardoso noted that the 2025 net reserve figure exceeded the total gross reserves recorded at the end of 2023, which stood at 33.22 billion dollars.
He added that net reserves rose from 23.11 billion dollars at the end of 2024 to 34.80 billion dollars by the end of 2025, while gross external reserves increased to 45.71 billion dollars from 40.19 billion dollars within the same period.
The CBN governor said the steady expansion underscored Nigeria’s enhanced capacity to meet external obligations and support exchange rate stability.
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He attributed the improvement to increased transparency and credibility in foreign exchange management, which he said boosted investor confidence and attracted stronger FX inflows.
Cardoso stated that the end-2025 reserve position validated the apex bank’s ongoing policy reforms and external sector adjustments, reaffirming the CBN’s commitment to maintaining adequate reserve buffers and sustaining macroeconomic stability in line with its mandate.
