₦airaland Forum

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said Nigeria’s net foreign exchange reserves rose sharply to $34.80bn at the end of 2025, representing a 772 per cent increase from $3.99bn recorded at the end of 2023, and signalling what he described as a significant strengthening in the country’s external buffers.

In a press statement issued by the CBN on Monday, the apex bank said the improvement in both gross and net reserves reflected “stronger external sector fundamentals and sustained policy reforms.

”Gross reserves refer to the total stock of foreign assets held by the Central Bank of Nigeria, including foreign currencies, gold, and other external assets. Net reserves, however, strip out short-term liabilities and obligations, providing a clearer picture of the portion of reserves that is readily available to defend the naira and meet external commitments".

Cardoso had earlier disclosed at the post-Monetary Policy Committee briefing on February 24, 2026, that Nigeria’s gross external reserves stood at $50.45bn as of February 16, 2026. Providing further clarity over the weekend, he said the net foreign exchange reserves as of the end of December 2025 rose to $ 34.80bn.

The press statement read, “The Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, has stated that Nigeria’s gross and net foreign reserves showed significant improvement at the end of 2025, reflecting stronger external sector fundamentals and sustained policy reforms.

“Following his disclosure at the post-Monetary Policy Committee press briefing on Tuesday, February 24, 2026, where he said the country’s gross external reserves stood at $50.45bnas of February 16, 2026, Mr Cardoso, at the weekend, said the net foreign exchange reserves, as of the end of December 2025, rose to $34.80bn.”

According to theCBN governor, 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 noted in the statement that the improvement represents “a substantial strengthening in both the level and quality of Nigeria’s external buffers over the past three years.”[/b]

The statement disclosed that net reserves increased sharply from $3.99bn at the end of 2023 to $34.80bn at the close of 2025, which the governor described as a fundamental improvement in reserve quality.

He added that the 2025 net reserve position alone exceeded the total gross reserves recorded at the end of 2023, which stood at $33.22bn.

Cardoso further stated that net reserves rose from $23.11bn at the end of 2024 to $34.80bn at the end of 2025. Over the same period, gross external reserves increased to $45.71bn from $40.19bn, representing a rise of $5.52bn.

He said the expansion highlighted Nigeria’s enhanced capacity “to meet external obligations, support exchange rate stability and reinforce overall macroeconomic resilience.”

Describing the end-2025 reserve position as a strong validation of the bank’s ongoing reforms andexternal sector adjustments.

Cardoso reaffirmed the commitment of the Central Bank of Nigeria to maintaining adequate reserve buffers. He stated that the apex bank would continue “supporting orderly foreign exchange market operations, enhancing confidence in Nigeria’s external position and sustaining macroeconomic stability in line with its statutory mandate.”

The PUNCH earlier reported that the CBN governor disclosed that Nigeria’s gross external reserves hit the highest level in 13 years by mid-February 2026.

Speaking during the Monetary Policy Committee briefing in Abuja last week, Cardososaidthe reserve build-up was supportedbyfavourable trade developments, a healthy current account surplus, rising non-oil exports, and increased diaspora remittances.

He attributed the gains to improved market confidence. “Underpinning all this, quite frankly, is market confidence. Without market confidence, no matter what you do, you’ll find you will significantly sub-optimise,” Cardoso said.

He added that the CBN had engaged widely with international investors, made commitments, and ensured policy consistency to engender positive market sentiment.

Slytiger:
Excellent news. Kudos to the FG.

Putindbutt:
$3b net reserves as at 2023, yet election losers believed we should have continued keeping dollars as low as #460 official rate and also keep borrowing to pay for subsidy.

Groundnut economists.

emiye:
Nigeria will surpass the highest gross reverse achieved in 2008 @ 62 billion USD by end of next year at least.

It could be earlier with the gulf war. We are on course to achieve 100 billion usd gross reserve.

Putindbutt:
$3b net reserves as at 2023, yet election losers believed we should have continued keeping dollars as low as #460 official rate and also keep borrowing to pay for subsidy. Groundnut economists.

Pakute:
https://punchng.com/net-reserves-jump-772-to-34-8bn-in-two-years/

helinues:


That's in the first quarter of 2026. Better days ahead for Nigerians

Putindbutt:
$3b net reserves as at 2023, yet election losers believed we should have continued keeping dollars as low as #460 official rate and also keep borrowing to pay for subsidy. Groundnut economists.

Godfullsam:
The common man on the street does not give a f^ck about these paper figures.

What most Nigerians want are policies that will translate into security of lives and properties, infrastructural development, enabling environment for business growth, steady power supply etc.

Godfullsam:
I thought they said the foreign reserves was around 42b$ November last year.

anonimi:
Do you also know how quickly we will overtake India’s 1.5 billion population again in extreme poverty, and if we will remain one of the countries with the highest number of children out of school, because we allowed APC progreThieves’ palliative sharing policies to replace PDP prosperity from deregulation and privatisation policies, 11 years ago

Vision101:
Did your PDP deregulate? Why were they still paying for subsidy on petroleum products? Why were they still regulating the value of naira?

Mention one success case of privatisation? Was it not the privatisation of NEPA that made our electricity situation worse? Please I'm waiting for quantitative answers and not stories.

anonimi:
How Indorama sustains manufacturers, boosts Nigeria’s FX earnings

Indorama Eleme Petrochemicals Limited (IEPL) has emerged as a major value creator in the Nigerian economy. It is responsible for the survival, growth and sustenance of many manufacturing companies in Nigeria today. A large number of plastic and allied firms depend on the Eleme-based company for petrochemical resins (or polymer resins) which serve as their raw materials.

The petrochemical company is just one of the several subsidiaries of Indorama-Nigeria Group, which also comprises Indorama Eleme Fertilizer & Chemicals Limited (IEFCL), Indorama PET Nigeria Limited, and Indorama Port Operations.

Since Indorama Corporation of Indonesia became core investor in the old Eleme Petrochemicals Company Limited (EPCL) in 2006 through privatisation programme of the Federal Government, the group has become a game changer in the Nigerian economy.

The petrochemical company has solved the major challenge facing a number of manufacturers— poor access to raw materials. Rather than scramble for foreign exchange to import inputs, the company ensures that manufacturers have access to their critical raw materials, enabling them to save costs and improve margins.

The major resins used by plastic and allied companies are polyethylene and polypropylene. Indorama produces about 45 grades of these products for various industries. About 600 of such companies in Nigeria depend on IEPL for their survival. They are estimated to have over 90,000 workers.

https://businessday.ng/real-sector/article/how-indorama-sustains-manufacturers-boosts-nigerias-fx-earnings/

Putindbutt:
$3b net reserves as at 2023, yet election losers believed we should have continued keeping dollars as low as #460 official rate and also keep borrowing to pay for subsidy. Groundnut economists.