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

As of December 2025, Nigeria's net foreign exchange reserves reached $34.8 billion, marking a significant increase of 772% from $3.99 billion at the end of 2023. Central Bank of Nigeria (CBN) Governor Olayemi Cardoso announced this in a press statement, highlighting that the rise in reserves reflects stronger external sector fundamentals and sustained policy reforms.

The gross external reserves also showed improvement, standing at $50.45 billion as of February 16, 2026. Cardoso emphasized the importance of transparency and credible foreign exchange management in boosting investor confidence and attracting stronger foreign exchange inflows.

The net reserves' growth is attributed to enhanced capacity to meet external obligations and support exchange rate stability. Cardoso reaffirmed the CBN's commitment to maintaining adequate reserve buffers to support orderly foreign exchange market operations and ensure macroeconomic stability, aligning with the bank's statutory mandate.