By Bassey Udo
Nigeria’s net foreign reserves rises to $34.80bn in December 2025, the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has confirmed.
Cardoso, who was giving details about the performance of the country’s gross and net foreign reserves, said the figures showed significant improvement at the end of 2025, reflecting stronger external sector fundamentals and sustained policy reforms by the Bank.
During the recent post-Monetary Policy Committee (MPC) media briefing on Tuesday, the CBN governor had said the country’s gross external reserves stood at $50.45 billion as of February 16, 2026.
Giving further details of the performance of the foreign reserves, Mr. Cardoso disclosed at the weekend that the net foreign exchange reserves as at the end of December 2025 climbed to $34.80 billion.
He said the figures emphasised the benefits of increased transparency and credibility in foreign exchange management by the Bank.
This, he said, has boosted investor confidence, attracted stronger FX inflows, and improved reserve management practices aimed at preserving capital, ensuring liquidity, and supporting long-term sustainability.
The improvement, he pointed out, 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.
Describing 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.
