Nigeria’s net foreign exchange reserves increased to $34.80 billion at the end of December 2025, according to the central bank of Nigeria.
In a statement issued on Monday, the apex bank said Olayemi Cardoso disclosed that net reserves rose from $23.11 billion at the end of 2024, representing a $11.69 billion increase within one year.
The figure also marks a significant recovery from $3.99 billion recorded at the end of 2023.
According to the statement, gross external reserves climbed from $40.19 billion at end-2024 to $45.71 billion at end-2025, an increase of $5.52 billion.
As of February 16, 2026, gross reserves had further risen to $50.45 billion.
Cardoso said the improvement reflects stronger external sector fundamentals and sustained policy reforms.
He added that enhanced transparency and credibility in foreign exchange management boosted investor confidence and attracted stronger inflows.
Net reserves, which exclude short-term liabilities and other encumbrances, are considered a more accurate measure of a country’s available external buffers.
The 2025 net reserve position exceeded Nigeria’s total gross reserves of $33.22 billion recorded at the end of 2023.
According to Cardoso, the growth in reserves strengthens Nigeria’s capacity to meet external obligations, support exchange rate stability and reinforce macroeconomic resilience.
He reaffirmed the CBN’s commitment to maintaining adequate buffers and orderly foreign exchange market operations.
