Net External Reserves Rise By 772% In 2 Years, Says Cardoso

Nigeria’s net foreign exchange reserves have surged by about 772 per cent in two years, underscoring what the Central Bank of Nigeria (CBN) has described as a fundamental strengthening of the country’s external sector position.

The governor of the Central Bank of Nigeria, Olayemi Cardoso, disclosed this at the weekend while providing further insights into the country’s reserve position following the Monetary Policy Committee (MPC) meeting.

According to him, Nigeria’s net foreign exchange reserves rose sharply from $3.99 billion at the end of 2023 to $34.80 billion as at the close of December 2025, reflecting what he described as a significant improvement in the level and quality of the nation’s external buffers.

Cardoso also revealed that gross external reserves stood at $50.45 billion as of February 16, 2026, while net reserves closed 2025 at $34.80 billion, a development he said mirrored stronger external sector fundamentals and the positive impact of sustained policy reforms.

He explained that the improved reserve position highlighted the benefits of increased transparency and credibility in foreign exchange management, which have boosted investor confidence, attracted stronger foreign exchange inflows, and enhanced reserve management practices focused on capital preservation, liquidity and long-term sustainability.

The CBN governor noted that the 2025 net reserve position alone exceeded Nigeria’s total gross reserves at the end of 2023, which stood at $33.22 billion, further underscoring the depth of the turnaround recorded within the period.

He added 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.

According to Cardoso, the expansion in reserves reflects Nigeria’s enhanced capacity to meet external obligations, support exchange rate stability, and strengthen overall macroeconomic resilience.

Describing the end-2025 reserve position as a strong validation of the Bank’s ongoing policy reforms and external sector adjustments, he reaffirmed the CBN’s commitment to maintaining adequate reserve buffers, ensuring orderly foreign exchange market operations, strengthening confidence in Nigeria’s external position and sustaining macroeconomic stability in line with its statutory mandate.