Nigeria’s net reserves hit $34.8bn in 2025 —CBN Governor

• exceeds 2023 gross FX reserves.

Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso says Nigeria’s net foreign exchange reserves (NEFR) at the end of 2025 was $34.80 billion — exceeding the country’s total gross reserves recorded in 2023.

According to a statement on Monday, Cardoso disclosed the figure over the weekend.

The figure also represents 50.58 percent or $11.69 billion increase compared to the net reserves of $23.11 billion recorded in 2024 and 772.18 percent or $30.81 billion higher than the $3.99 billion recorded in 2023.

Net international reserves are defined as the difference between reserve assets and reserve liabilities.

The NFER, which adjusts gross reserves for near-term liabilities such as foreign exchange (FX) swaps and forward contracts, is considered a more accurate indicator of the country’s ability to meet immediate external obligations.

In the statement on Monday, Cardoso said the 2025 net reserve position alone surpassed Nigeria’s total gross external reserves of $33.22 billion recorded at the close of 2023, describing the development as a significant improvement in both the level and quality of the country’s external buffers.

The improvement represents a substantial strengthening in both the level and quality of Nigeria’s external buffers over the past three years,” the CBN governor said.

Providing further details, Cardoso said net reserves rose from $23.11 billion at the end of 2024 to $34.80 billion at the end of 2025, while gross external reserves increased from $40.19 billion to $45.71 billion over the same period — an expansion of $5.52 billion.

He said the improvement reflects stronger external sector fundamentals, enhanced transparency in foreign exchange management, and sustained policy reforms aimed at restoring credibility and investor confidence.

According to him, the expansion in reserves strengthens Nigeria’s capacity to meet external obligations, support exchange rate stability, and reinforce macroeconomic resilience.

Cardoso described the end-2025 reserve position as validation of the apex bank’s ongoing reforms in the foreign exchange market.

He added that the CBN remains committed to maintaining adequate reserve buffers and ensuring orderly market operations in line with its statutory mandate.

On February 24, Cardoso told journalists at the post monetary policy committee (MPC) briefing that gross external reserves stood at $50.45 billion as of February 16, 2026.

Checks by TheCable, according to data on the CBN website, shows that the external foreign reserves increased steadily by 8.56 percent or $3.94 billion, from $45.56 billion reported on January 1 to $49.50 billion on February 25.