Nigeria’s Net Reserves Soar to $34.8 Billion in Two Years, Boosting Economic Confidence

Nigeria’s net external reserves have skyrocketed by 772 percent over the past two years, reaching $34.8 billion at the end of 2025, up from just $3.99 billion in 2023, the Central Bank of Nigeria (CBN) reported. Olayemi Cardoso, CBN governor, described the surge as a clear indicator of a fundamental improvement in the quality and sustainability of the country’s external financial buffers.

The 2025 net reserve figure alone surpassed Nigeria’s total gross reserves at the end of 2023, which stood at $33.22 billion. Cardoso highlighted that this remarkable growth reflects strengthened policy measures, improved investor confidence, and more robust foreign exchange (FX) management practices.

Breaking down the numbers further, net reserves rose from $23.11 billion at the close of 2024 to $34.8 billion in 2025. Gross external reserves also climbed to $45.71 billion from $40.19 billion over the same period, demonstrating a significant boost in the country’s ability to meet international obligations and support macroeconomic stability.

Cardoso credited the increase to greater transparency and credibility in Nigeria’s FX operations, which have encouraged inflows, enhanced reserve management, and emphasized long-term sustainability. He stressed that the gains signal a stronger capacity for the country to maintain exchange rate stability, manage liquidity, and reinforce investor trust.

Reaffirming the CBN’s commitment, the governor said the end-2025 reserve position validates ongoing policy reforms and external sector adjustments. He emphasized that the apex bank will continue maintaining adequate reserve buffers, supporting orderly FX markets, and strengthening Nigeria’s overall economic resilience.

source: business day