Nigeria’s Forex Reserves Hit $34.8 Billion – CBN

Nigeria’s net foreign exchange reserves rose to $34.8 billion by the end of 2025, the Central Bank of Nigeria Governor, Olayemi Cardoso, said, calling the increase a major boost to the country’s external financial position.

Cardoso said in a statement on Monday that the increases in both gross and net reserves are indicative of better performance in the external sector and the results of ongoing policy changes.

He had earlier disclosed after the Monetary Policy Committee meeting in February that Nigeria’s gross reserves stood at $50.45 billion as of mid-February 2026. 

He later clarified that net reserves rose to $34.8 billion at the close of December 2025.

The CBN noted that the increase reflects improved transparency in foreign exchange management, which has strengthened investor confidence, attracted inflows, and enhanced reserve management practices focused on liquidity and long-term sustainability.

According to the bank, net reserves surged from $3.99 billion at the end of 2023 to $34.8 billion in 2025, marking a significant improvement in reserve quality. 

The 2025 figure also surpassed the country’s total gross reserves of $33.22 billion recorded in 2023.

The reserves also grew from $23.11 billion in 2024 to $34.8 billion in 2025, while gross reserves rose from $40.19 billion to $45.71 billion within the same period.

Cardoso said the increase strengthens Nigeria’s ability to meet external obligations, stabilise the exchange rate, and support overall economic resilience.

He added that the development validates ongoing reforms in the foreign exchange market and external sector.

The CBN reaffirmed its commitment to maintaining strong reserve buffers, ensuring orderly market operations, and sustaining macroeconomic stability.

Earlier reports indicated that Nigeria’s gross reserves reached a 13-year high by mid-February 2026. 

Cardoso attributed the growth to favourable trade conditions, a current account surplus, rising non-oil exports, and increased diaspora remittances. 

He also emphasised that improved market confidence has been central to the gains, noting that consistent policies and investor engagement have helped drive positive sentiment.