Abuja — Nigeria’s net foreign-exchange reserves jumped to $34.8 billion by the end of 2025, up sharply from $3.99 billion two years earlier, central bank governor Olayemi Cardoso said, citing stronger external fundamentals and policy reforms that helped rebuild confidence in the currency market.
The figures – released days after the Central Bank of Nigeria reported gross reserves of $50.45 billion as of February 16 – highlight what Cardoso called a fundamental strengthening of Nigeria’s external buffers.
Since he was appointed in 2023, Cardoso has rolled out transparency measures and put in clearer forex rules at the central bank to unwind years of market distortions and currency volatility.
In a statement late on Monday, Cardoso said net reserves rose to $34.8 billion at the end of last year from $23.11 billion a year earlier, while gross reserves increased to $45.71 billion from $40.19 billion over the same period.
The improvement reflects stronger forex inflows, better reserves management and a renewed ability to meet external obligations and steady the exchange rate, Cardoso said, adding that the end-2025 levels validated ongoing reforms.
Cardoso said the CBN will maintain robust buffers and keep forex market operations orderly.
*Camillus Eboh; Elisha Bala-Gbogbo; editing: Thomas Derpinghaus – Reuters
