$34.8bn Year-End Reserves Validate CBN Reforms, Says Cardoso

Nigeria’s foreign reserves have shown remarkable growth, reflecting stronger external sector fundamentals, effective policy reforms, and improved investor confidence, the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has revealed.
Speaking at the post-Monetary Policy Committee (MPC) press briefing on Tuesday, February 24, 2026, Mr. Cardoso reported that the country’s gross external reserves stood at $50.45 billion as of February 16, 2026. Further highlighting the positive trend, he disclosed over the weekend that net foreign exchange reserves had surged to $34.80 billion at the end of December 2025, marking a significant improvement over previous years.
According to Mr. Cardoso, the growth in reserves is a direct outcome of transparent and credible foreign exchange management, which has helped attract stronger forex inflows, boost investor confidence, and enhance overall reserve management practices. These practices, he said, are designed to preserve capital, maintain liquidity, and ensure long-term sustainability.
The CBN Governor outlined the dramatic progress in Nigeria’s reserve position over recent years, noting that net reserves jumped from $3.99 billion at the end of 2023 to $34.80 billion by the end of 2025. In fact, the 2025 net reserve figure alone surpassed the total gross reserves of $33.22 billion recorded at the end of 2023, underscoring a significant improvement in both the level and quality of external buffers.
Breaking down the figures further, Mr. Cardoso noted that net reserves rose from $23.11 billion at end-2024 to $34.80 billion at end-2025, while gross external reserves climbed from $40.19 billion to $45.71 billion over the same period—a $5.52 billion increase. He emphasized that this growth highlights Nigeria’s enhanced capacity to meet external obligations, support exchange rate stability, and reinforce overall macroeconomic resilience.
“This strong end-of-year reserve position is a clear validation of the CBN’s ongoing policy reforms and external sector adjustments,” Mr. Cardoso said. He reaffirmed the Bank’s commitment to maintaining adequate reserve buffers, supporting orderly foreign exchange market operations, and sustaining macroeconomic stability in line with its statutory mandate.
Experts in the financial sector have described the development as a turning point for Nigeria’s economy, pointing to the improved credibility of the CBN, the resilience of the external sector, and the potential for attracting more foreign investment. Analysts note that strong reserves not only help stabilize the naira but also reinforce Nigeria’s ability to manage external shocks and maintain investor confidence.
The CBN Governor also highlighted the broader implications of these developments, noting that the improved reserves position allows the Bank to better support trade, investment, and long-term economic growth, aligning with national economic priorities.
Nigeria’s net foreign reserves rose sharply to $34.8 billion at the end of 2025, reflecting stronger external sector fundamentals and the success of CBN policy reforms, Governor Olayemi Cardoso has disclosed.
CBN Governor Olayemi Cardoso reports Nigeria’s net reserves surged to $34.8B by end-2025, highlighting stronger external buffers, improved forex management, and rising investor confidence.