Nigeria’s net foreign exchange reserves rose sharply to $34.80 billion by the end of December 2025, the Central Bank of Nigeria (CBN) has announced in its latest data, marking a substantial strengthening of the country’s external buffers and foreign exchange position, financial reports show.

The CBN Governor Olayemi Cardoso disclosed on Monday March 2, 2026 that Nigeria’s net reserves climbed from about $23.11 billion at the end of 2024 to $34.80 billion at the end of 2025, representing a nearly 51 per cent increase within a year and a remarkable gain compared with figures from earlier years.

Net reserves are calculated after deducting liabilities and encumbrances from gross external reserves, and are widely regarded as a more accurate measure of a country’s actual foreign currency position. Cardoso said the sharp rise reflects stronger external sector fundamentals, improved foreign exchange management and increased investor confidence in Nigeria’s economy.

The CBN governor also highlighted that Nigeria’s gross external reserves, which include the total foreign currency holdings before adjustments, continued to grow, supported by robust foreign exchange inflows from exports remittances and other capital movements, signalling enhanced liquidity for the country.

Cardoso said the improved reserve position strengthens Nigeria’s capacity to meet external obligations support exchange rate stability and defend against external shocks, reinforcing confidence among international investors and market participants.

The CBN has maintained a focus on policy reforms aimed at buoying the foreign exchange market and improving reserve dynamics, including transparency in FX operations as well as prudent management of external assets and liabilities. Analysts say the reserve surge could bolster long-term macroeconomic stability.