Nigeria’s Net FX Reserves Rise to $34.80bn in 2025, Cardoso Says

Nigeria’s net foreign exchange reserves climbed to $34.80 billion in 2025, Central Bank of Nigeria Governor Olayemi Cardoso said after the latest Monetary Policy Committee meeting in Abuja.

Cardoso said the new position marks a clear shift from the $3.99 billion net reserve level recorded at the end of 2023. He said the movement points to stronger reserve quality and a healthier external position, following policy changes by the apex bank and adjustments in the broader external sector.

He said gross external reserves stood at $50.45 billion at the time of the MPC briefing. In a statement issued on Monday, he added that both gross and net indicators improved by year-end 2025, supported by tighter foreign exchange management and sustained reform actions.

According to Cardoso, the 2025 net reserve figure on its own is higher than the total gross reserves of $33.22 billion Nigeria reported at the end of 2023. He said that comparison shows how sharply reserve conditions have improved within two years.

Cardoso said transparency and credibility steps in the FX market helped drive investor confidence and supported stronger inflows. He also said reserve management has focused on capital preservation, liquidity, and long-term stability, with the CBN trying to reduce vulnerability to external shocks.

He said net reserves rose from $23.11 billion in 2024 to $34.80 billion in 2025. Over the same period, he said gross external reserves increased from $40.19 billion to $45.71 billion, an addition of $5.52 billion.

The CBN governor said the increase gives Nigeria more room to meet external obligations, support exchange rate stability, and strengthen macroeconomic resilience. He described the 2025 year-end outcome as confirmation that ongoing monetary and external sector policies are producing measurable results.

Cardoso said the central bank will continue to maintain adequate reserve buffers and support orderly operations in the foreign exchange market. He said the bank remains focused on reinforcing confidence in Nigeria’s external accounts while sustaining macroeconomic stability under its statutory mandate.