Nigeria’s foreign exchange position is staging a dramatic comeback. Central Bank Governor Olayemi Cardoso announced that net reserves soared to $34.8 billion by the end of 2025—a staggering jump from just $3.99 billion two years ago. The numbers reflect a quiet revolution in Nigerian economic policy since Cardoso took the helm in 2023, introducing transparency measures and clearer forex rules after years of market turbulence. Gross reserves now stand at $50.45 billion, giving Africa’s largest economy breathing room to meet external obligations and steady its volatile currency. Cardoso credits the turnaround to higher inflows, smarter reserve management, and reforms that rebuilt confidence in the currency market. For a nation long plagued by forex shortages, these figures suggest the worst may finally be behind it.
CNBC Africa
