By Ogochukwu Isioma
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso,
has stated that Nigeria’s gross and net foreign reserves showed significant
improvement at the end of 2025, reflecting stronger external sector fundamentals and
sustained policy reforms.
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.
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.
He disclosed that net reserves increased sharply from $3.99 billion at the end of 2023 to
$34.80 billion at the close of 2025, reflecting what he described as a fundamental
improvement in reserve quality. He added that the 2025 net reserve position alone
exceeded the total gross reserves recorded at the end of 2023, which stood at $33.22
billion.
Mr. Cardoso further stated that net reserves rose from $23.11 billion at end-2024 to
$34.80 billion at end-2025, while gross external reserves increased to $45.71 billion
from $40.19 billion over the same period, representing an increase of $5.52 billion. He
said the expansion highlighted Nigeria’s enhanced capacity to meet external
obligations, support exchange rate stability and reinforce overall macroeconomic
resilience.
He described the end-2025 reserve position as strong validation of the Bank’s ongoing
policy reforms and external sector adjustments. He reaffirmed the CBN’s commitment to
maintaining adequate reserve buffers, supporting orderly foreign exchange market
operations, enhancing confidence in Nigeria’s external position and sustaining
macroeconomic stability in line with its statutory mandate.