Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has announced that the country’s net foreign exchange reserves climbed to $34.8 billion in 2025.
Gatekeepers News reports that this marks a major turnaround in Nigeria’s external financial position and surpasses the level of gross FX reserves recorded in 2023.
Speaking at an economic briefing in Abuja, Cardoso said the sharp rise in net reserves reflects the impact of ongoing monetary reforms, improved foreign exchange inflows, tighter fiscal discipline, and renewed investor confidence in Nigeria’s economy. He noted that the current figure represents the strongest reserve position Nigeria has recorded in recent years.
According to the CBN governor, the growth was driven by increased crude oil earnings, improved remittance inflows, enhanced non-oil exports, and reforms in the foreign exchange market that have helped boost transparency and liquidity. He added that renewed interest from foreign portfolio investors and multilateral funding institutions also contributed significantly to the reserve buildup.
Cardoso explained that the improvement in net reserves, which account for obligations and short-term liabilities, is a stronger indicator of economic health than gross reserves alone, stressing that the current level gives Nigeria better capacity to stabilize the naira, meet international obligations, and cushion external economic shocks.
He further stated that the CBN remains committed to sustaining the positive momentum through continued policy tightening, market-driven exchange rate reforms, and stronger collaboration with fiscal authorities to ensure macroeconomic stability.
Economic analysts say the development could enhance Nigeria’s credit profile, attract more foreign investment, and strengthen confidence in the country’s financial system, especially at a time of global economic uncertainty.
The apex bank reaffirmed its commitment to maintaining prudent monetary policies and deepening reforms aimed at ensuring long-term economic resilience and sustainable growth.
