Net reserves rise by $11.69bn in one year – CBN

From Adanna Nnamani, Abuja

The Central Bank of Nigeria (CBN), has said that the country’s external buffers strengthened significantly in 2025 as net foreign exchange reserves climbed by $11.69 billion within one year. 

In a statement on Monday, CBN Governor, Olayemi Cardoso, disclosed that net reserves closed 2025 at $34.80 billion, up from $23.11 billion at the end of 2024. The figure represents one of the strongest annual improvements in the country’s recent external position.

At the end of 2023, net reserves stood at just $3.99 billion, indicating that Nigeria’s liquid foreign exchange buffers have expanded substantially over the past two years.

In addition to the rise in net reserves, gross external reserves also recorded steady growth, increasing from $40.19 billion at the end of 2024 to $45.71 billion by the close of 2025. As of February 16, 2026, the figure had climbed further to $50.45 billion.

Analysts often consider net reserves a more accurate measure of a country’s financial strength because they exclude short-term liabilities and other obligations embedded in the gross reserve total.

Significantly, Nigeria’s end-2025 net reserve position surpassed the country’s entire gross external reserves of $33.22 billion recorded at the end of 2023, a development that signals improved reserve quality.

Cardoso attributed the improvement to sustained reforms in foreign exchange management, noting that greater transparency and policy credibility have supported investor confidence and encouraged stronger FX inflows.

He said the Bank’s reserve management strategy prioritises capital preservation, liquidity and long-term sustainability, adding that the stronger reserve position enhances Nigeria’s ability to meet external commitments, stabilise the exchange rate and reinforce overall macroeconomic resilience.

The CBN reiterated its commitment to maintaining adequate foreign exchange buffers and ensuring orderly market operations as reform measures continue to take effect.

The statement read, “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.”