Nigeria’s External Reserves Climb to $50.45bn, Says CBN Governor Cardoso

Nigeria’s gross external reserves have risen to $50.45 billion, according to the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, who says the increase reflects stronger external sector fundamentals and sustained policy reforms.

Mr. Cardoso disclosed that gross reserves stood at $50.45 billion as of 16 February 2026, while net reserves reached $34.80 billion at the end of December 2025. He noted that net reserves rose sharply from $3.99 billion at the end of 2023 to $34.80 billion at the close of 2025, describing the change as a fundamental improvement in reserve quality.

Speaking after the post-Monetary Policy Committee briefing on Tuesday, 24 February 2026, and reiterating his remarks at the weekend, the CBN governor said the 2025 net reserve position alone exceeded the total gross reserves recorded at the end of 2023, which stood at $33.22 billion.

He said the figures underscored the impact of improved transparency and credibility in foreign exchange management, which has boosted investor confidence, attracted stronger foreign exchange inflows and strengthened reserve management practices aimed at preserving capital, ensuring liquidity and supporting long-term sustainability.

According to him, the gains represent a substantial strengthening in both the level and quality of Nigeria’s external buffers over the past three years.

Mr Cardoso added that net reserves rose from $23.11 billion at the end of 2024 to $34.80 billion at the end of 2025, while gross external reserves increased from $40.19 billion to $45.71 billion over the same period, representing an increase of $5.52 billion.

He said the expansion demonstrates Nigeria’s improved 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 policy reforms and external sector adjustments, Mr Cardoso reaffirmed the Central Bank’s commitment to maintaining adequate reserve buffers, supporting orderly foreign exchange market operations, enhancing confidence in Nigeria’s external position and sustaining macroeconomic stability in line with its statutory mandate.