Nigeria's Net Reserves Surge 772% to $34.8bn by 2025

Mr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), disclosed that Nigeria's net foreign exchange reserves experienced a remarkable increase of 772%, rising from $3.99 billion at the end of 2023 to $34.8 billion by December 2025.

This announcement was made during a press briefing following the Monetary Policy Committee (MPC) meeting. Cardoso explained that the net reserves figure reflects the benefits of increased transparency and credible foreign exchange management, which have boosted investor confidence and attracted stronger foreign exchange inflows.

He noted that the gross external reserves also rose to $50.45 billion as of February 16, 2026. The increase in net reserves is attributed to improved reserve management practices aimed at preserving capital and ensuring liquidity.

Cardoso emphasized that the net reserves position alone exceeds the total gross reserves recorded at the end of 2023, which stood at $33.22 billion, indicating a substantial enhancement in Nigeria's external buffer quality over the past three years.