Nigeria’s net foreign reserves jump almost nine times to $34.8bn within two years

Story: written by springnewsng March 3,2026
Nigeria’s net external reserves have recorded a dramatic upswing, rising by about 772 percent to $34.8 billion at the end of 2025, from $3.99 billion in 2023, according to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN).
In a statement issued on Monday, Cardoso said the sharp growth signals a major strengthening in the quality and resilience of Nigeria’s external buffers. He noted that the net reserve position as of end-2025 exceeded the country’s total gross reserves of $33.22 billion recorded at the close of 2023.
The CBN governor attributed the surge to improved transparency and credibility in foreign exchange management, which he said has restored investor confidence, encouraged stronger FX inflows, and improved reserve management with a focus on liquidity, capital preservation, and long-term sustainability.
A breakdown of the figures shows that net reserves climbed from $23.11 billion at the end of 2024 to $34.8 billion by December 2025. Within the same period, gross external reserves increased by $5.52 billion, rising from $40.19 billion to $45.71 billion.
Cardoso explained that the expansion has strengthened Nigeria’s ability to meet external obligations, support exchange rate stability, and enhance overall macroeconomic resilience. He had earlier disclosed at the post-Monetary Policy Committee press briefing on February 24, 2026, that gross external reserves stood at $50.45 billion as of February 16, 2026.
Describing the end-2025 reserve level as a strong endorsement of the CBN’s ongoing reforms, Cardoso said the progress reflects a significant improvement in both the size and quality of Nigeria’s external buffers over the last three years. He reaffirmed the apex bank’s commitment to sustaining adequate reserves, ensuring orderly FX market operations, and maintaining macroeconomic stability in line with its mandate.