Nigeria's Net Forex Reserves Surge to $34.80 Billion in December 2025 – CBN

 Nigeria's net foreign exchange reserves climbed to $34.80 billion at the end of December 2025, marking a substantial improvement in the country's external liquidity and reflecting the impact of ongoing policy reforms under the Central Bank of Nigeria (CBN).

CBN Governor Olayemi Cardoso disclosed the figure in a statement released on Monday, March 2, 2026, highlighting the sharp rise from $23.11 billion at the close of 2024. The increase of $11.69 billion over the year represents a 50.6 percent growth in net reserves for 2025 alone.

Looking further back, Cardoso emphasized the dramatic turnaround since the end of 2023, when net reserves stood at just $3.99 billion. That means the figure has surged by approximately 772 percent in just two years, a development he described as a "fundamental improvement in reserve quality." Notably, the net reserves recorded at the end of 2025 exceeded the total gross reserves of $33.22 billion reported at the close of 2023.

Gross external reserves also showed progress, rising from $40.19 billion at the end of 2024 to $45.71 billion by December 2025 an addition of $5.52 billion. Cardoso had earlier shared during a post-Monetary Policy Committee briefing on February 24, 2026, that gross reserves had reached $50.45 billion as of February 16, 2026, underscoring continued strengthening into the new year.

The CBN attributed the gains to sustained reforms in foreign exchange management, greater transparency, and enhanced credibility in policy implementation. These changes have boosted investor confidence, attracted stronger foreign exchange inflows, and supported better reserve preservation practices focused on liquidity and long-term sustainability.

The announcement comes amid broader economic discussions in Nigeria, where external buffers play a critical role in stabilizing the naira, managing import demands, and cushioning against global shocks. Higher reserves provide more room for the central bank to intervene in the forex market when needed and signal improved economic health to international partners and rating agencies.

Analysts view the rise as a positive indicator of the effectiveness of recent monetary policies, including efforts to unify exchange rates, clear backlogs in forex demands, and encourage non-oil exports. While oil revenues remain a key driver, the consistent buildup suggests diversification efforts and better fiscal discipline are contributing.

The CBN has not detailed month-by-month breakdowns for December specifically, but the year-end figure aligns with trends observed in prior reports. Public reaction on social media and in economic circles has been largely optimistic, with many praising the Cardoso-led administration for delivering measurable results in a relatively short period.

This latest data release reinforces Nigeria's improving external position at a time when global uncertainties ranging from commodity price fluctuations to geopolitical tensions continue to test emerging markets. As the country moves deeper into 2026, sustained reserve growth could help ease pressures on inflation, support import cover, and foster greater macroeconomic stability.

The CBN reiterated its commitment to prudent management of reserves, promising ongoing reforms to maintain and build on these gains. Further details on reserve composition and future projections are expected in upcoming economic reports.