Nigeria's FX Reserves Surge to $34.80bn by 2025

Mr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), disclosed that Nigeria's net foreign exchange (FX) reserves rose to $34.80 billion by the end of 2025, a substantial increase from $3.99 billion at the end of 2023.

This announcement was made during a meeting of the Monetary Policy Committee (MPC) in Abuja last week. Cardoso highlighted that the gross external reserves stood at $50.45 billion, indicating a significant improvement in the country's external sector fundamentals and the impact of sustained policy reforms.

The net reserves are projected to increase sharply from $3.99 billion at the end of 2023 to $34.80 billion by the end of 2025, with gross reserves expected to rise from $40.19 billion to $45.71 billion during the same period. Cardoso emphasized the benefits of increased transparency and credible foreign exchange management, which are crucial for boosting investor confidence and attracting stronger FX inflows, thereby enhancing the country’s external buffer.