Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has disclosed that Nigeria’s gross and net foreign exchange reserves recorded significant improvements by the end of 2025, reflecting strengthened external sector fundamentals and sustained policy reforms.
Speaking at the post-Monetary Policy Committee (MPC) press briefing on February 24, 2026, Cardoso announced that Nigeria’s gross external reserves stood at $50.45 billion as of February 16, 2026.
Clarifying further, he revealed that net foreign exchange reserves rose to $34.80 billion at the end of December 2025, underscoring what he described as a marked improvement in both the quality and strength of the country’s external buffers.
According to him, net reserves surged from $3.99 billion at the end of 2023 to $34.80 billion by the close of 2025, representing what he termed a “fundamental improvement in reserve quality.” He noted that the 2025 net reserve figure alone exceeded the total gross reserves of $33.22 billion recorded at the end of 2023.
Cardoso further disclosed that net reserves increased from $23.11 billion at end-2024 to $34.80 billion at end-2025, while gross external reserves rose from $40.19 billion to $45.71 billion within the same period, an increase of $5.52 billion.
He stated that the improvements reflect enhanced transparency and credibility in foreign exchange management, which has boosted investor confidence, attracted stronger FX inflows, and strengthened reserve management practices aimed at preserving capital, ensuring liquidity, and supporting long-term sustainability.
The CBN Governor reaffirmed the apex bank’s commitment to maintaining adequate reserve buffers, supporting orderly foreign exchange market operations, reinforcing confidence in Nigeria’s external position, and sustaining macroeconomic stability in line with its statutory mandate.
By Juliet Ezeh, Abuja
