Nigeria’s external reserves have recorded one of the most dramatic turnarounds in the country’s recent economic history, with CBN Governor Olayemi Cardoso confirming that net foreign exchange reserves surged by 772 percent in just two years.
Speaking at the weekend following the Monetary Policy Committee press briefing held on February 24, 2026, Cardoso disclosed that Nigeria’s net foreign exchange reserves climbed from $3.99 billion at the end of 2023 to $34.80 billion by the close of December 2025, a jump of over $30 billion in 24 months.
Net reserves increased by 51 percent from $23.11 billion at the end of 2024 to $34.80 billion at the close of 2025, representing an $11.69 billion increase in a single year. Over the same period gross external reserves grew from $40.19 billion to $45.71 billion, an increase of $5.52 billion. By February 16, 2026, gross reserves had climbed even further to $50.45 billion, and this happens to be the highest level Nigeria has recorded in 13 years.
Nigeria’s 2025 net reserve position alone exceeded the country’s entire gross reserves recorded at the end of 2023, which stood at $33.22 billion , meaning Nigeria’s liquid and unencumbered foreign exchange buffers at the end of last year were stronger than the entire headline reserve level just two years earlier.
It is worth understanding the difference between gross and net reserves because the distinction matters significantly. Gross reserves represent the total stock of foreign assets held by the CBN including foreign currencies, gold and other external assets. Net reserves strip out short term liabilities and obligations, providing a clearer picture of the portion of reserves that is readily available to defend the naira and meet external commitments.
Analysts widely regard net reserves as the more reliable and honest indicator of a country’s actual external strength which makes the 772 percent jump in that specific figure particularly significant.
Cardoso attributed the improvement to a combination of factors. The reserve build-up was supported by favourable trade developments, a healthy current account surplus, rising non-oil exports and increased diaspora remittances. He also pointed to greater transparency and credibility in foreign exchange management as a key driver, saying these reforms boosted investor confidence and attracted stronger FX inflows into the country.
The CBN had projected that gross external reserves would reach $51.04 billion in 2026, based on expectations of easing FX market pressures, stronger crude oil receipts and sustained inflows from remittances and foreign portfolio investments. At the current trajectory those projections appear well within reach. Cardoso himself hinted at further ambition, saying “next time we hope to say it is the highest in 15 years.”
For ordinary Nigerians the significance of these numbers lies in what stronger reserves mean in practice a more stable naira, greater capacity to meet import obligations, reduced vulnerability to external shocks and a more attractive environment for the foreign investment the country urgently needs to grow its economy and create jobs.
Whether the gains translate into tangible relief at the level of everyday prices and living costs remains the question most Nigerians are waiting to have answered.