Nigeria’s Net FX Reserves Hit $34.8 Billion in Major 2025 Surge

Nigeria’s financial safety net saw a massive comeback in 2025, with Central Bank Governor Olayemi Cardoso revealing that net foreign exchange reserves surged to $34.80 billion by year-end.

This represents a 50.58% increase from the $23.11 billion recorded in 2024 and an incredible leap from the $3.99 billion low seen in 2023.

While “gross” reserves represent the total cash on hand, “net” reserves are what’s left after accounting for short-term debts like currency swaps, making this a much more accurate look at Nigeria’s actual spending power.

By the end of 2025, the net reserves actually surpassed the total gross reserves from 2023, signaling a major recovery in external financial strength.

Cardoso credited this boost to more transparent management and reforms designed to win back investor trust.

Total gross reserves also expanded from $40.19 billion to $45.71 billion during the same period, and early 2026 data shows the trend continuing with gross reserves climbing even higher as of February.

This strengthened buffer is expected to help the CBN stabilize the Naira and handle international payments more smoothly moving forward.