CBN: Nigeria’s net FX reserves surge 772% in two years

The Central Bank of Nigeria (CBN) has revealed that Nigeria’s net foreign exchange reserves rose sharply by 772 per cent over two years.

CBN Governor, Mr. Olayemi Cardoso, disclosed that the reserves climbed from $3.99 billion at the end of 2023 to $34.80 billion as of December 2025.

It will be recalled that Cardoso had explained during the post-Monetary Policy Committee (MPC) press briefing last week that the country’s gross external reserves were at $50.45 billion as of February 16, 2026.

According to a statement by the Apex Bank yesterday, CNB stated that the net reserves figures reflected the benefits of increased transparency and credibility in foreign exchange management, boosting investor confidence, attracting stronger FX inflows, and improving reserve management practices aimed at preserving capital, ensuring liquidity, and supporting long-term sustainability.

The Governor noted that the improvement represents a substantial strengthening in both the level and quality of Nigeria’s external buffers over the past three years.

“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.”

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He said the 2025 net reserve position alone exceeded the total gross reserves recorded at the end of 2023, which stood at $33.22 billion.

Cardoso explained further that the 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.

The Governor stated that the expansion highlighted Nigeria’s enhanced capacity to meet external obligations, support exchange rate stability and reinforce overall macroeconomic resilience.

The statement noted that Cardoso described the end-2025 reserve position as strong validation of the Bank’s ongoing policy reforms and external sector adjustments.

According to the statement, the Governor reaffirmed 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.