Nigeria’s Net External Reserves rises 50.5% to $34.8bn- Cardoso
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has announced that the nation’s Net External Reserves increased by 50.5 percent year-on-year, reaching $34.8 billion in 2025, up from $23.11 billion in 2024.
In a statement issued by the apex bank, Cardoso indicated that the rise in external reserves signifies stronger fundamentals in the external sector and ongoing policy reforms.
He noted that these figures highlight the advantages of enhanced transparency and credibility in foreign exchange management, which in turn boosts investor confidence, attracts greater foreign exchange inflows, and improves reserve management practices aimed at capital preservation, liquidity assurance, and long-term sustainability.
According to him, this improvement signifies a considerable enhancement in both the level and quality of Nigeria’s external buffers over the last three years.
He revealed that net reserves surged from $3.99 billion at the end of 2023 to $34.80 billion by the end of 2025, reflecting what he termed a fundamental enhancement in reserve quality. He also mentioned that the net reserve position for 2025 alone surpassed the total gross reserves recorded at the end of 2023, which were $33.22 billion.
Cardoso further explained that net reserves grew from $23.11 billion at the end of 2024 to $34.80 billion at the end of 2025, while gross external reserves rose to $45.71 billion from $40.19 billion during the same timeframe, marking an increase of $5.52 billion.
He stated that this expansion underscores Nigeria’s improved capacity to fulfill external obligations, support exchange rate stability, and bolster overall macroeconomic resilience.
He characterized the reserve position at the end of 2025 as a strong endorsement of the Bank’s ongoing policy reforms and adjustments in the external sector. He reiterated the CBN’s dedication to maintaining sufficient reserve buffers, facilitating orderly operations in the foreign exchange market, enhancing confidence in Nigeria’s external position, and sustaining macroeconomic stability in accordance with its statutory mandate.
