Nigeria’s Net External Reserves Rises To $34.80bn

Nigeria’s net external reserves rose to $34.80 billion at the end of December 2025, reflecting a sharp improvement in the country’s external buffers, the Central Bank of Nigeria said on Monday.

In a press statement, the apex bank said the development underscores stronger external sector fundamentals and the impact of sustained monetary and foreign exchange reforms.

The statement followed earlier disclosures by the CBN governor, Olayemi Cardoso, at the post-Monetary Policy Committee briefing held on February 24, 2026.

According to the bank, Nigeria’s net reserves climbed from $3.99 billion at the end of 2023 to $34.80 billion at the close of 2025, representing what it described as a fundamental improvement in reserve quality.

It noted that the 2025 net reserve position alone exceeded the total gross reserves recorded at the end of 2023, which stood at $33.22 billion.

The CBN also stated that net reserves rose from $23.11 billion at end-2024 to $34.80 billion at end-2025.

Over the same period, gross external reserves increased to $45.71 billion from $40.19 billion, marking a $5.52 billion rise year-on-year.

As of February 16, 2026, gross external reserves had further strengthened to $50.45 billion, the bank added.
The apex bank attributed the sustained improvement to increased transparency and credibility in foreign exchange management.

It said these measures have boosted investor confidence, attracted stronger foreign exchange inflows and improved reserve management practices aimed at preserving capital, ensuring liquidity and supporting long-term sustainability.

The Central Bank described the end-2025 reserve position as a strong validation of the Bank’s ongoing policy reforms and external sector adjustments.

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

The bank reaffirmed its commitment to maintaining adequate reserve buffers and supporting orderly foreign exchange market operations.

It also pledged to continue enhancing confidence in Nigeria’s external position and sustaining macroeconomic stability in line with its statutory mandate.