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By Daniel Adaji
Nigeria’s gross external reserves rose to $50.45 billion as of February 16, 2026, the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, announced in a statement on Monday
Cardoso disclosed the figure during the post-Monetary Policy Committee (MPC) press briefing held recently in Abuja. He said the latest data reflect sustained reforms and stronger foreign exchange management over the past three years.
Beyond the headline gross reserve number, the CBN chief revealed that Nigeria’s net foreign exchange reserves also strengthened significantly, rising to $34.80 billion at the end of December 2025.
According to him, the figures point to deeper structural gains. The improvement, he said, reflects stronger external sector fundamentals and sustained policy reforms.
Cardoso stated that net reserves increased sharply from $3.99 billion at the end of 2023 to $34.80 billion at the close of 2025. He described this as “a fundamental improvement in reserve quality.”
He added that the 2025 net reserve position alone exceeded the total gross reserves recorded at the end of 2023, which stood at $33.22 billion, a comparison that highlights the scale of the turnaround.
Offering additional context, the governor disclosed that net reserves rose from $23.11 billion at end-2024 to $34.80 billion at end-2025. Over the same period, gross external reserves climbed to $45.71 billion from $40.19 billion, representing an increase of $5.52 billion.
He said the expansion “highlighted Nigeria’s enhanced capacity to meet external obligations, support exchange rate stability and reinforce overall macroeconomic resilience.”
Cardoso linked the gains directly to reforms within the foreign exchange market. He stated that the figures “emphasised the benefits of increased transparency and credibility in foreign exchange management, boosting investor confidence, attracting stronger FX inflows, and improving reserve management practices aimed at preserving capital, ensuring liquidity, and supporting long-term sustainability.”
Describing the end-2025 reserve level as a milestone, he said it serves as “strong validation of the Bank’s ongoing policy reforms and external sector adjustments.”
The CBN governor reaffirmed the apex bank’s stance going forward. He said the Bank remains committed 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.
The latest figures come amid ongoing efforts by the CBN to stabilise the foreign exchange market and rebuild investor confidence following periods of volatility in recent