Nigeria’s net foreign-exchange reserves surged to $34.8 billion by the end of 2025, up from $23.11 billion a year earlier and a dramatic leap from $3.99 billion two years prior, Central Bank Governor Olayemi Cardoso announced.

He credited stronger external fundamentals and policy reforms that restored confidence in the currency market.

The update came days after the Central Bank of Nigeria (CBN) reported gross reserves at $50.45 billion as of February 16, underscoring what Cardoso described as a “fundamental strengthening” of the country’s external buffers.

Appointed in 2023, Cardoso has implemented transparency measures and clearer forex rules to address years of market distortions and volatility. Gross reserves also climbed to $45.71 billion by end-2025, from $40.19 billion the prior year.

In a statement late ‌on ⁠Monday, Cardoso said gross reserves increased ​to $45.71  billion from $40.19  billion ​over the ⁠same period.

These gains stem from robust forex inflows, improved reserves management, and enhanced capacity to meet external obligations while stabilizing the exchange rate.

Cardoso affirmed the CBN’s commitment to maintaining strong buffers and orderly market operations.