Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has disclosed that Nigeria’s net foreign exchange reserves (NEFR) at the end of 2025 was $34.80 billion, exceeding the country’s total gross reserves recorded in 2023.
The figure also represents a 50.58 per cent or $11.69 billion increase compared to the net reserves of $23.11 billion recorded in 2024 and 772.18 percent or $30.81 billion higher than the $3.99 billion recorded in 2023.
Net international reserves are defined as the difference between reserve assets and reserve liabilities.
The NFER, which adjusts gross reserves for near-term liabilities such as foreign exchange (FX) swaps and forward contracts, is considered a more accurate indicator of the country’s ability to meet immediate external obligations.
Cardoso said in a statement that the 2025 net reserve position alone surpassed Nigeria’s total gross external reserves of $33.22 billion recorded at the close of 2023, describing the development as a significant improvement in both the level and quality of the country’s external buffers.
Providing further details, Cardoso said 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 — an expansion of $5.52 billion.
He said the improvement reflects stronger external sector fundamentals, enhanced transparency in foreign exchange management, and sustained policy reforms aimed at restoring credibility and investor confidence.
