Nigeria has recorded a remarkable recovery in its foreign exchange reserves, with net holdings rising to $34.8 billion in 2025, up from just $3.99 billion in 2023, according to the Central Bank of Nigeria (CBN). Governor Olayemi Cardoso said the growth reflects “a fundamental improvement in reserve quality” and validates ongoing reforms in the country’s external sector, ENigeria Newspaper has learnt.
Speaking after the Monetary Policy Committee (MPC) meeting in Abuja, Cardoso revealed that gross external reserves also improved significantly, reaching $50.45 billion. He described the increase as evidence of stronger external fundamentals and the positive impact of transparent and credible foreign exchange management.
“Net reserves alone in 2025 exceeded total gross reserves recorded at the end of 2023,” Cardoso stated, emphasizing that policy consistency had attracted inflows and strengthened investor confidence.
The CBN Governor provided additional data showing net reserves rising from $23.11 billion in 2024 to $34.8 billion in 2025. Gross reserves grew from $40.19 billion to $45.71 billion over the same period, marking a $5.52 billion improvement. He said these figures highlight Nigeria’s enhanced ability to meet external obligations, stabilize the exchange rate, and reinforce macroeconomic resilience.
Cardoso stressed that the reserve growth is a direct outcome of improved governance and strategic policy implementation.
“The combination of transparency, effective reserve management, and investor confidence has enabled us to preserve capital, ensure liquidity, and maintain long-term sustainability,” he said.
He reaffirmed the CBN’s commitment to maintaining sufficient reserve buffers and supporting orderly foreign exchange operations, describing the 2025 reserves as “a strong validation of our policy reforms and sectoral adjustments.”
