Central Bank of Nigeria Governor Olayemi Cardoso has revealed that Nigeria’s net external reserves stood at $34.8 billion as of December 2025, marking a significant increase from $3.99 billion at the end of 2023.
Speaking at a post-Monetary Policy Committee press briefing last Tuesday, Cardoso also disclosed that the country’s gross external reserves reached $50.45 billion as of February 16, 2026. He attributed the improvement to enhanced transparency and credibility in foreign exchange management, which boosted investor confidence, attracted stronger FX inflows, and strengthened reserve management practices aimed at preserving capital, ensuring liquidity, and supporting long-term sustainability.
According to the CBN, net reserves rose from $23.11 billion at the end of 2024 to $34.8 billion by the end of 2025, while gross external reserves increased from $40.19 billion to $45.71 billion over the same period, representing a growth of $5.52 billion. The 2025 net reserves alone exceeded the total gross reserves recorded at the end of 2023, which stood at $33.22 billion.
Cardoso emphasized that the expansion underscores Nigeria’s enhanced capacity to meet external obligations, support exchange rate stability, and reinforce overall macroeconomic resilience. He described the end-2025 reserve position as a strong validation of the CBN’s ongoing policy reforms and external sector adjustments, reaffirming the bank’s commitment to maintaining adequate reserve buffers, supporting orderly foreign exchange market operations, and sustaining macroeconomic stability in line with its statutory mandate.
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