CBN: External reserves hit $38.8bn in 2024

The Central Bank of Nigeria (CBN) has announced external reserves increased from $36.6 billion recorded in 2023 to $38.8 billion in 2024.

The CBN disclosed this in its 2024 financial statements released on Friday, May 2, 2025.

The apex bank said the increase was largely attributable to improvement in accretion to external reserves from portfolio investors, diaspora remittances, and federal government receipts following improvement in the confidence in the economy.

The CBN stated that the performance reflects the apex bank’s firm commitment to external sector stability, ensuring Nigeria is better positioned to meet its international obligations, stabilise the naira, and boostmacroeconomic confidence.

The CBN said the bottom-line improved from a deficit position of N1.3 trillion in 2023 to a surplus of N165 billion in 2024.

Naira depreciates to N1,602/$ at official market

The apex bank also reported a reduction in loans and receivables from N16.1 trillion to N11.9 trillion.

The CBN further disclosed that its expenses increased to N4.5 trillion from N1.5 trillion in 2023, saying this increase was in tandem with the tightening monetary policy stance adopted to combat inflationary pressures throughout the year.

The apex bank also reported an increase in the loss on settled derivative contracts during the year from N6.3 trillion in 2023 to N13.9 trillion in 2024.

It noted that the development was a direct consequence of the high volume of derivative contracts settled by the apex bank in 2024.

The Star