Nigeria’s net foreign exchange reserves (NFER) surged to $34.80 billion at the end of 2025, marking a 50.58 percent increase from the $23.11 billion recorded in 2024, and a remarkable 772.18 percent rise compared to the $3.99 billion recorded in 2023, according to the Central Bank of Nigeria (CBN).

In a statement on Monday, CBN Governor, Cardoso, described the growth in net reserves as a significant improvement in both the level and quality of Nigeria’s external financial buffers. The governor noted that the 2025 net reserves alone now exceed the country’s total gross external reserves of $33.22 billion at the end of 2023.

Net international reserves, the difference between reserve assets and liabilities, are adjusted for near-term obligations such as foreign exchange swaps and forward contracts. The NFER is considered a more accurate indicator of a country’s ability to meet immediate external obligations.

Governor Cardoso highlighted that gross external reserves also rose during the same period, from $40.19 billion at the end of 2024 to $45.71 billion by December 2025 — an expansion of $5.52 billion. He attributed the growth in reserves to stronger external sector fundamentals, enhanced transparency in foreign exchange management, and sustained policy reforms that have boosted credibility and investor confidence.

“The improvement represents a substantial strengthening in both the level and quality of Nigeria’s external buffers over the past three years,” Cardoso said, emphasizing that the expansion enhances the country’s capacity to meet external obligations, support exchange rate stability, and reinforce macroeconomic resilience.

He added that the end-2025 reserve position validates the CBN’s ongoing reforms in the foreign exchange market and reaffirmed the apex bank’s commitment to maintaining adequate reserve buffers and ensuring orderly market operations in line with its statutory mandate.

At a post-Monetary Policy Committee briefing on February 24, the governor revealed that gross external reserves had risen further to $50.45 billion as of February 16, 2026. Data from the CBN shows that Nigeria’s external foreign reserves increased steadily by 8.56 percent, from $45.56 billion on January 1 to $49.50 billion on February 25.

The continued growth in both net and gross reserves signals strengthening fundamentals in Nigeria’s external sector, positioning the country for improved financial stability and investor confidence in 2026 and beyond.