Nigeria’s Net Reserves Surge 772% to $34.8 Billion in Two Years

Nigeria’s net foreign exchange reserves rose sharply to $34.8 billion by the end of 2025, marking a 772% increase from the $3.99 billion recorded at the end of 2023. This significant growth highlights a strengthening of the country’s external financial buffers.

The improvement reflects stronger external sector fundamentals and sustained policy reforms. While gross reserves—which include foreign currencies, gold, and other assets—stood at $50.45 billion as of mid-February 2026, net reserves, which exclude short-term liabilities, provide a clearer measure of funds readily available to support the naira and meet external obligations.

Net reserves grew from $23.11 billion at the end of 2024 to $34.8 billion by the end of 2025. Over the same period, gross external reserves increased by $5.52 billion, from $40.19 billion to $45.71 billion, underscoring Nigeria’s enhanced capacity to meet external obligations, maintain exchange rate stability, and reinforce macroeconomic resilience.

The surge is attributed to improved market confidence, favorable trade developments, a healthy current account surplus, rising non-oil exports, and increased diaspora remittances. Policymakers emphasized that transparency, credibility in foreign exchange management, and consistent engagement with investors played a critical role in attracting stronger foreign exchange inflows and boosting reserves.