Temisan Olaifa
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, says Nigeria’s net foreign exchange reserves stood at N34.80 billion as of December 2025.
In a statement issued on Monday in Lagos, Cardoso was quoted as having disclosed this at the end of the last Monetary Policy Committee (MPC) meeting.
The last MPC meeting was held on 24 February in Abuja.
He had earlier stated that the country’s gross external reserves stood at 50.45 billion dollars as of 16 February 2026.
According to him, net reserves increased from 3.99 billion dollars at the end of 2023 to 34.80 billion dollars at the close of 2025.
He described the increase as a fundamental improvement in the quality of reserves and overall external buffers.
Cardoso said the 2025 net reserve figure exceeded the total gross reserves recorded at the end of 2023, which stood at 33.22 billion dollars.
He added that net reserves rose from 23.11 billion dollars at the end of 2024 to 34.80 billion dollars at the end of 2025.
He also said gross external reserves increased to 45.71 billion dollars from 40.19 billion dollars within the same period.
The governor noted that the expansion underscored Nigeria’s enhanced capacity to meet external obligations and support exchange rate stability.
He noted that improved transparency and credibility in foreign exchange management boosted investor confidence and attracted stronger FX inflows.
Cardoso said the end-2025 reserve position validated the bank’s ongoing policy reforms and external sector adjustments.
He reaffirmed the CBN’s commitment to maintaining adequate reserve buffers and sustaining macroeconomic stability in line with its mandate.
