Nigeria’s net foreign exchange reserves have recorded a remarkable increase of 772 percent within two years, rising from $3.99 billion in 2023 to $34.8 billion in 2025, a development attributed to sweeping economic and foreign exchange reforms implemented by the Central Bank of Nigeria.
Governor of the Central Bank of Nigeria, Olayemi Cardoso, disclosed the figures while highlighting the progress made in stabilising Nigeria’s external sector and restoring confidence in the country’s financial system.
According to Cardoso, the sharp rise in the nation’s net reserves reflects improved foreign exchange inflows, enhanced reserve management and renewed investor confidence following key policy adjustments introduced by the administration of President Bola Ahmed Tinubu.
The reforms include the unification of the foreign exchange market, removal of distortions caused by multiple exchange rates, and efforts to clear outstanding foreign exchange obligations owed to investors and airlines.
Economic analysts note that these measures have helped attract foreign portfolio investors back into the Nigerian market while boosting dollar inflows from diaspora remittances, oil exports and other non-oil sectors.
The apex bank also attributed the growth to improved transparency in foreign exchange management and more prudent handling of financial instruments such as currency swaps and forward contracts.
The increase in reserves is expected to strengthen the country’s ability to defend the naira, meet external payment obligations and enhance overall macroeconomic stability.
Experts say the development could further bolster investor confidence in Africa’s largest economy, particularly as the government continues to pursue fiscal and structural reforms aimed at stimulating growth and stabilising the financial system.
With the surge in reserves, Nigeria is believed to be gradually rebuilding its economic buffers while positioning itself to better withstand global financial shocks and volatility in oil prices.