Nigeria’s net foreign-exchange reserves rose sharply to $34.8 billion at the end of 2025 as stronger external fundamentals and policy reforms introduced by Central Bank Governor Olayemi Cardoso continued to support the inflows.
The figure represents an increase from $23.11 billion recorded in 2024 and a substantial recovery from $3.99 billion two years earlier.
The latest data comes days after the Central Bank of Nigeria reported gross reserves of $50.45 billion as of February 16, while year-end 2025 gross reserves stood at $45.71 billion, compared with $40.19 billion in 2024.
According to Cardoso, the improvement reflects stronger foreign-exchange inflows, enhanced reserve management and improved capacity to meet external obligations while supporting exchange-rate stability.
Since his appointment in 2023, Cardoso has introduced a series of transparency measures and revised foreign-exchange rules aimed at addressing longstanding market distortions and restoring investor confidence.
The reforms have included clearer pricing mechanisms, efforts to improve liquidity in the official market and steps to reduce volatility in the currency market.
The sharp rise in net reserves signals improved reserve quality as net reserves represent the portion of gross reserves readily available to meet external commitments after accounting for short-term liabilities.
The Central Bank stated it remains committed to maintaining adequate reserve buffers and ensuring orderly foreign-exchange market operations.
The recovery in reserves is expected to strengthen Nigeria’s macroeconomic stability, improve external credibility and support ongoing efforts to stabilise the naira amid evolving global economic conditions.
