The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has disclosed that Nigeria’s Net External Reserves rose to $34.8 billion as of December 2025, signalling a sharp improvement in the country’s external buffer position.
Speaking at a post-Monetary Policy Committee (MPC) briefing last Tuesday, Cardoso further revealed that Gross External Reserves climbed to $50.45 billion as of February 16, 2026.
According to a statement issued by the apex bank, the governor attributed the significant improvement to enhanced transparency and credibility in foreign exchange management.
He said the reforms had strengthened investor confidence, attracted higher foreign exchange inflows and improved reserve management practices focused on capital preservation, liquidity and long-term sustainability.
Cardoso noted that net reserves surged from $3.99 billion at the end of 2023 to $34.8 billion by December 2025, describing the development as a “fundamental improvement in reserve quality.”
He added that the net reserve position at the end of 2025 alone surpassed the total gross reserves recorded at the close of 2023, which stood at $33.22 billion.
A breakdown of the figures shows that net reserves increased from $23.11 billion at the end of 2024 to $34.8 billion at the end of 2025.
Over the same period, gross external reserves rose from $40.19 billion to $45.71 billion, representing an increase of $5.52 billion.
The CBN governor said the expansion in reserves underscores Nigeria’s strengthened capacity to meet external obligations, support exchange rate stability and bolster overall macroeconomic resilience.
He described the end-2025 reserve position as strong validation of the bank’s ongoing policy reforms and external sector adjustments.
Cardoso reaffirmed the CBN’s commitment to maintaining adequate reserve buffers, ensuring orderly foreign exchange market operations and sustaining macroeconomic stability in line with its statutory mandate.
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