Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), says Nigeria’s net foreign exchange reserves (NEFR) at the end of 2025 were $34.80 billion — exceeding the country’s total gross reserves recorded in 2023.
According to a statement on Monday, Cardoso disclosed the
figure over the weekend.
The figure also represents 50.58 percent or $11.69 billion
increase compared to the net reserves of $23.11 billion recorded in 2024 and
772.18 percent or $30.81 billion higher than the $3.99 billion recorded in
2023.
Net international reserves are defined as the difference
between reserve assets and reserve liabilities.
The NFER, which adjusts gross reserves for near-term
liabilities such as foreign exchange (FX) swaps and forward contracts, is
considered a more accurate indicator of the country’s ability to meet immediate
external obligations.
In the statement on Monday, Cardoso said the 2025 net
reserve position alone surpassed Nigeria’s total gross external reserves of
$33.22 billion recorded at the close of 2023, describing the development as a
significant improvement in both the level and quality of the country’s external
buffers.
“The improvement represents a substantial strengthening in
both the level and quality of Nigeria’s external buffers over the past three
years,” the CBN governor said.
Providing further details, Cardoso said net reserves rose
from $23.11 billion at the end of 2024 to $34.80 billion at the end of 2025,
while gross external reserves increased from $40.19 billion to $45.71 billion
over the same period — an expansion of $5.52 billion.
He said the improvement reflects stronger external sector
fundamentals, enhanced transparency in foreign exchange management, and
sustained policy reforms aimed at restoring credibility and investor
confidence.
According to him, the expansion in reserves strengthens
Nigeria’s capacity to meet external obligations, support exchange rate
stability, and reinforce macroeconomic resilience.
Cardoso described the end-2025 reserve position as
validation of the apex bank’s ongoing reforms in the foreign exchange market.
He added that the CBN remains committed to maintaining
adequate reserve buffers and ensuring orderly market operations in line with
its statutory mandate.
On February 24, Cardoso told journalists at the
post-monetary policy committee (MPC) briefing that gross external reserves
stood at $50.45 billion as of February 16, 2026.
Checks by TheCable, according to data on the CBN website,
shows that the external foreign reserves increased steadily by 8.56 percent or
$3.94 billion, from $45.56 billion reported on January 1 to $49.50 billion on
February 25.
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