Nigeria’s net reserves increased by 752 per cent or over 772.2 per cent in two years to close at $34.8 billion last year.

The net reserves, which indicate the quality of a country’s external reserves, stood at $3.99 billion as of the end of 2023.

Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, disclosed the updated figure in a statement.

Cardoso reportedly said the improvement represents a substantial strengthening in both the level and quality of Nigeria’s external buffers over the past three years.

While reflecting on what he described as a fundamental improvement in reserve quality, Cardoso explained that the 2025 net reserve position alone exceeded the total gross reserves recorded at the end of 2023, which stood at $33.22 billion.

Cardoso further stated that net reserves rose from $23.11 billion at end-2024 to $34.8 billion at end-2025, while gross external reserves increased to $45.71 billion from $40.19 billion over the same period, representing an increase of $5.52 billion.

He disclosed that the expansion highlighted Nigeria’s enhanced capacity to meet external obligations, support exchange rate stability and reinforce overall macroeconomic resilience.

Cardoso described the end-2025 reserve position as strong validation of the bank’s ongoing policy reforms and external sector adjustments.

He also reaffirmed the CBN’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.

He insisted that Nigeria’s gross and net foreign reserves showed significant improvement at the end of 2025, reflecting stronger external sector fundamentals and sustained policy reforms.

Following his disclosure at the post-Monetary Policy Committee (MPC) meeting, where he said the country’s gross external reserves stood at $50.45 billion as of February 16, 2026, Cardoso maintained that the net reserves emphasised the benefits of increased transparency and credibility in foreign exchange management, boosting investor confidence, attracting stronger FX inflows and improving reserve management practices.