Nigeria’s net external reserves surged by 772.18 percent in two years to $34.80 billion at the end of 2025 from $3.99 billion in 2023, according to Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN).
Cardoso disclosed in a statement on Monday that the sharp rise in net reserves reflects what he described as a fundamental improvement in the quality of the country’s external buffers. He noted that the 2025 net reserve position alone surpassed the total gross reserves recorded at the end of 2023, which stood at$ 33.22 billion.
He attributed the gains to increased transparency and credibility in foreign exchange management, which he said has boosted investor confidence, attracted stronger FX inflows and enhanced reserve management practices focused on capital preservation, liquidity and long-term sustainability.
