Cardoso: Net FX Reserves Rose to $34.80bn in 2025 from $3.99bn in 2023

James Emejo in Abuja

The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has disclosed that the country’s net Foreign Exchange (FX) reserves increased to $34.80 billion in 2025.
This reflects a fundamental improvement in reserve level and quality when compared to net reserves of $3.99 billion in 2023.
Cardoso last week, after the 2-day meeting of the Monetary Policy Committee (MPC) in Abuja, disclosed that gross external reserves stood at $50.45 billion.
In a statement issued Monday, Cardoso said both the gross and external reserves showed significant improvement at the end of 2025, reflecting stronger external sector fundamentals and sustained policy reforms.
He explained that net reserves increased sharply from $3.99 billion at the end of 2023 to $34.80 billion at the close of 2025, reflecting what he described as a fundamental improvement in reserve quality.
He added that the 2025 net reserve position alone exceeded $33.22 billion total gross reserves recorded at the end of 2023.
According to him, the figures emphasised the benefits of increased transparency and credibility in foreign exchange management, boosting investor confidence, attracting stronger FX inflows, and improving reserve management practices aimed at preserving capital, ensuring liquidity, and supporting long-term sustainability.
He said the improvement represented a substantial strengthening in both the level and quality of the country’s external buffers over the past three years.
Cardoso further stated that net reserves rose from $23.11 billion in 2024 to $34.80 billion in 2025, while gross external reserves increased to $45.71 billion from $40.19 billion over the same period, representing an increase of $5.52 billion.
He said the expansion highlighted Nigeria’s enhanced capacity to meet external obligations, support exchange rate stability and reinforce overall macroeconomic resilience.
He described the year-end 2025 reserve position as strong validation of the bank’s ongoing policy reforms and external sector adjustments.
The apex bank governor also reaffirmed the bank’s commitment to maintaining adequate reserve buffers, supporting orderly foreign exchange market operations, enhancing confidence in Nigeria’s external position and sustaining macroeconomic stability in line with its statutory mandate.