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Nigeria’s external financial buffers strengthened significantly in 2025, as Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), disclosed that the country’s net foreign exchange reserves reached $34.80 billion by year-end.
The figure marks a substantial increase from previous years, rising by $11.69 billion, or 50.58 percent, from $23.11 billion recorded in 2024. It also represents a sharp improvement of about $30.81 billion, or 772.18 percent, compared with the $3.99 billion reported in 2023.
Net international reserves measure reserve assets after deducting short-term external liabilities such as foreign exchange swaps and forward contracts. Analysts consider this metric a more accurate indicator of a country’s capacity to meet immediate external obligations.
Cardoso noted that the 2025 net reserve position exceeded Nigeria’s total gross external reserves of $33.22 billion recorded in 2023, describing the development as clear evidence of sustained progress in strengthening the country’s external finances.
Additional data showed that net reserves increased from $23.11 billion in 2024 to $34.80 billion in 2025. Gross external reserves also rose from $40.19 billion to $45.71 billion during the same period, reflecting a $5.52 billion gain.
Cardoso attributed the improved performance to stronger external sector fundamentals, enhanced transparency in foreign exchange management, and ongoing monetary policy reforms aimed at boosting investor confidence and stabilising the exchange rate market.
He added that the central bank remains committed to maintaining adequate reserve buffers to safeguard macroeconomic stability and ensure the smooth functioning of the foreign exchange market.
In February 2026, Cardoso told journalists that Nigeria’s gross external reserves had risen further, signalling continued growth in the country’s external financial position as economic reforms advance.
