Nigeria’s net foreign exchange reserves rose to $34.80 billion at the end of 2025, marking a sharp improvement in the country’s external liquidity position, according to Central Bank of Nigeria Governor Olayemi Cardoso.
Okay News reports that net reserves increased from $23.11 billion at the end of 2024 to $34.80 billion at the close of 2025, representing an $11.69 billion rise within one year. The figure also reflects a significant recovery from $3.99 billion at the end of 2023, signalling what the apex bank described as a marked improvement in reserve quality over a two-year period.
Gross external reserves also strengthened over the review period, rising from $40.19 billion at end-2024 to $45.71 billion at end-2025, reflecting a $5.52 billion increase. As of February 16, 2026, gross reserves had climbed further to $50.45 billion. The 2025 net reserve position exceeded Nigeria’s total gross external reserves recorded at the end of 2023, which stood at $33.22 billion.
Net reserves, which exclude short-term liabilities and other encumbrances embedded in the gross figure, are widely viewed as a more reliable indicator of a country’s actual external buffer. Cardoso attributed the surge to improved transparency and credibility in foreign exchange management, which boosted investor confidence and attracted stronger FX inflows. He added that enhanced reserve management practices were aimed at preserving capital, ensuring liquidity, and supporting long-term sustainability.
The improvement in both gross and net reserves reflects stronger external sector fundamentals and sustained policy reforms. This net reserves surge strengthens Nigeria’s capacity to meet external obligations, support exchange rate stability, and reinforce overall macroeconomic resilience. Sustained net reserves growth will depend on continued policy consistency and favourable external sector conditions.
