Nigeria’s gross and net foreign reserves rose sharply to $34.80 billion at the end of 2025, showing stronger external fundamentals and the impact of sustained reforms by the Central Bank of Nigeria (CBN).

CBN governor Olayemi Cardoso disclosed this over the weekend, according to a statement on Monday by the apex bank.

“Following his disclosure at the post-Monetary Policy Committee (MPC) press briefing on Tuesday, February 24, 2026, where he said the country’s gross external reserves stood at $50.45 billion as of February 16, 2026, Mr Cardoso, at the weekend, said the net foreign exchange reserves, as at the end of December 2025, rose to $34.80 billion,” the statement said.

According to Mr Cardoso, the net foreign exchange reserves climbed to $34.80 billion from $3.99 billion at the end of 2023.

He stated that the figures emphasised the benefits of increased transparency and credibility in foreign exchange management, boosting investor confidence, attracting stronger FX inflows, and improving reserve management practices aimed at preserving capital, ensuring liquidity, and supporting long-term sustainability.

According to him, the improvement represents a substantial strengthening in both the level and quality of Nigeria’s external buffers over the past three years.

Mr Cardoso said the 2025 net reserve position alone exceeded the total gross reserves recorded at the end of 2023, which stood at $33.22 billion. He added that this validates ongoing policy reforms and external sector adjustments.

He said net reserves rose from $23.11 billion at the end of 2024 to $34.80 billion at the end of 2025, while gross reserves grew to $45.71 billion from $40.19 billion over the same period.

Mr Cardoso said the gains boosted Nigeria’s ability to meet external obligations, support exchange rate stability, and enhance macroeconomic resilience.

He reaffirmed the CBN’s commitment to maintaining adequate buffers, supporting orderly foreign exchange markets, and sustaining overall economic stability.