CBN governor Cardoso finally bows to Economy Post campaign, unveils Nigeria’s net reserves

THE Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has finally bowed to pressures by Economy Post to unveil the nation’s net reserves and has now announced that net assets stood at $34.80 billion at the end of December 2025.

He said there was a significant improvement in Nigeria’s gross and net foreign reserves at the close of 2025, citing stronger external fundamentals and sustained policy reforms.

Speaking after the Monetary Policy Committee (MPC) meeting on February 24, 2026, Mr Cardoso disclosed that Nigeria’s gross external reserves stood at $50.45 billion as of February 16, 2026, while net reserves stood at $34.80 billion.

The CBN governor attributed the improvement to increased transparency and credibility in the management of the foreign exchange market. According to him, ongoing reforms have boosted investor confidence, attracted stronger FX inflows and enhanced reserve management practices focused on capital preservation, liquidity and long-term sustainability.

READ ALSO: CBN projects Nigeria’s external reserves to hit $51.04bn in 2026 as FX pressure eases

Mr Cardoso described the development as a major strengthening of both the level and quality of Nigeria’s external buffers over the past three years. He noted that net reserves climbed sharply from $3.99 billion at the end of 2023 to $34.80 billion at the close of 2025, reflecting what he termed a fundamental improvement in reserve quality.

He pointed out that the 2025 net reserve figure alone exceeded the total gross reserves of $33.22 billion recorded at the end of 2023, underscoring the scale of the turnaround.

Providing further details, Mr Cardoso said net reserves increased from $23.11 billion at the end of 2024 to $34.80 billion at the end of 2025. Over the same period, gross external reserves rose from $40.19 billion to $45.71 billion, representing a $5.52 billion increase.

He said the expansion in reserves strengthens Nigeria’s capacity to meet external obligations, stabilise the exchange rate and reinforce macroeconomic resilience.

Mr Cardoso described the end-2025 reserve position as a validation of the bank’s ongoing reforms and external sector adjustments, reaffirming the CBN’s commitment to maintaining adequate reserve buffers, ensuring orderly foreign exchange market operations and sustaining macroeconomic stability in line with its mandate.

Net reserves campaign

Earlier, Mr Cardoso had announced that the nation’s gross external reserves had surged to $50.45 billion, the highest level in 13 years.

The governor noted that the current reserves were sufficient to cover approximately 9.68 months of imports, a substantial buffer that provided more room for Nigeria to manage trade and capital flows. “Next time we hope to say it is the highest in 15 years,” Mr Cardoso added, underscoring the central bank’s forward-looking optimism.

The CBN had projected that gross external reserves would reach $51.04 billion in 2026. That forecast was based on expectations of easing pressures in the FX market, stronger crude oil receipts, and sustained inflows from remittances and foreign portfolio investments. The current reserves level, he said, indicates progress toward that target, reflecting a combination of tighter monetary policy, improved FX liquidity, and renewed investor confidence in Africa’s largest economy.

However, while the headline figure was impressive, Economy Post raised important questions about the true strength of Nigeria’s external position, noting that the CBN had yet to provide clarity on net external reserves, which would take into account the bank’s liabilities, swaps, and obligations. See the story here.

Economy Post also argued that without this information, the gross reserves figure might overstate the actual resources available for intervention in the FX market. South African Reserve Bank and the Central Bank of Egypt, the newspaper further argued, report both gross and net reserves. SA’s net foreign reserves rose to $71.14 billion at the end of December from $70.02 billion in November. Gross reserves increased to $75.90 billion in December from $72.07 billion in the prior month.

READ ALSO: Nigeria, South Africa, Egypt record highest foreign reserves in Africa

The Central Bank of Egypt (CBE) reported in January that the nation’s net international reserves rose to $51.452 billion as of December 2025. This newspaper boldly challenged the CBN to show the true state of the nation’s reserves, arguing that only Nigeria’s central bank would fail to report net reserves, thereby preventing citizens, investors and economists from knowing the true state of the nation’s savings.

Moreover, the newspaper postulated that while the increase reflected inflows from oil exports, remittances, and foreign investments, these sources were often volatile. Oil revenues, the newspaper contended, can fluctuate sharply with global crude prices, while portfolio investments might be withdrawn quickly in response to global financial conditions. As such, sustaining reserves at current levels will require careful policy management and diversification of foreign inflows.

But all that have been settled now, with investors and citizens aware of the true state of reserves.

“I commend the CBN for unveiling the net reserves,” said Professor of Economics at Nnamdi Azikwe University, Uche Nwogwugwu. “We now know the true state of our savings and can now plan. Investors can confidently tell where we are and make decisions on that basis.”

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