…Cardoso attributes surge to FX reforms, stronger investor confidence
…Gross reserves hit $50.45bn in February 2026, says CBN
Nigeria’s net external reserves have recorded a dramatic rise of 772.18 per cent within two years, climbing to $34.80 billion at the end of 2025 from $3.99 billion in 2023.
The disclosure was made on Monday by the Governor of the Central Bank of Nigeria, Olayemi Cardoso, who described the development as a significant strengthening of the country’s external buffers.
According to Cardoso, the net reserve position at the end of 2025 not only represents a near nine-fold increase within the review period but also exceeds the total gross reserves recorded at the end of 2023, which stood at $33.22 billion.
He said the surge reflects a fundamental improvement in the quality, transparency and management of Nigeria’s foreign exchange reserves.
Providing a breakdown of the figures, the CBN governor stated that net reserves rose from $23.11 billion at the end of 2024 to $34.80 billion by December 2025, indicating sustained growth within a one-year period.
Over the same period, gross external reserves increased by $5.52 billion to $45.71 billion in 2025 from $40.19 billion in 2024.
Cardoso had earlier revealed at the post-Monetary Policy Committee briefing held on February 24, 2026, that gross external reserves had further climbed to $50.45 billion as of February 16, 2026, signaling continued momentum in reserve accumulation.
He attributed the gains to ongoing foreign exchange reforms aimed at enhancing credibility, transparency and efficiency in the FX market.
The CBN governor noted that improved investor confidence, stronger foreign exchange inflows and disciplined reserve management practices have collectively underpinned the upward trajectory.
He explained that the apex bank has focused on capital preservation, liquidity management and long-term sustainability in its reserve strategy.
According to him, the sharp expansion in net reserves underscores Nigeria’s improved capacity to meet external obligations and defend the stability of the naira when necessary.
He added that the strengthened reserve position enhances macroeconomic resilience and provides a more solid buffer against external shocks.
Cardoso described the end-2025 reserve level as strong validation of the Bank’s policy reforms and external sector adjustments implemented over the past three years.
He emphasized that the improvement represents not just growth in the headline numbers but also a qualitative upgrade in the structure of Nigeria’s external reserves.
The CBN chief reaffirmed the institution’s commitment to maintaining adequate reserve buffers to support orderly foreign exchange market operations.
He stressed that sustaining macroeconomic stability and reinforcing confidence in Nigeria’s external position remain central to the Bank’s statutory mandate.
Analysts say the development, if sustained, could help stabilize the exchange rate environment, improve Nigeria’s sovereign risk perception and strengthen its ability to navigate global financial volatility.
