Nigeria’s Net FX Reserves Jump 772% To $34.8bn In 2Years

The governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has disclosed that Nigeria’s net foreign exchange reserves surged by 772 per cent within two years, rising from $3.99 billion at the end of 2023 to $34.80 billion as of December 2025.

Cardoso made this known in a statement noting that the development reflects significant progress in the country’s external sector management.

The disclosure follows last week’s post-Monetary Policy Committee (MPC) briefing, where he revealed that Nigeria’s gross external reserves stood at $50.45 billion as of February 16, 2026.

In the statement, the CBN governor attributed the sharp rise in net reserves to improved transparency and enhanced credibility in foreign exchange administration. He explained that the reforms have strengthened investor confidence, attracted increased FX inflows, and improved reserve management practices aimed at capital preservation, liquidity assurance, and long-term sustainability.

According to him, the improvement signals a substantial strengthening in both the volume and quality of Nigeria’s external buffers over the past three years.

He further stated, “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.”

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

Offering further details, he said net reserves rose from $23.11 billion at the end of 2024 to $34.80 billion at the end of 2025. Over the same period, gross external reserves increased from $40.19 billion to $45.71 billion, representing a $5.52 billion rise.

He said the sustained growth highlights Nigeria’s improved capacity to meet external obligations, support exchange rate stability, and reinforce overall macroeconomic resilience.

Describing the end-2025 reserve position as a strong validation of the Bank’s ongoing policy reforms and external sector adjustments, Cardoso reaffirmed the apex bank’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.