The Central Bank of Nigeria (CBN) has announced that its Net Foreign Exchange Reserve (NFER) stood at $23.11 billion as of the end of the year 2024.
The CBN said the NFER, the highest level in over three years, increased from $3.99 billion recorded in 2023, $8.19 billion in 2022, and $14.59 billion in 2021.
The NFER, which adjusts gross reserves to account for near-term liabilities such as forex swaps and forward contracts, is widely regarded as a more accurate indicator of the foreign exchange buffers available to meet immediate external obligations.
The CBN, in a statement on Tuesday, April 1, 2025, disclosed that the gross external reserves also increased to $40.19 billion, compared to $33.22 billion at the close of 2023.
The CBN said the increase in reserves reflects a combination of strategic measures undertaken by the apex bank, including a deliberate and substantial reduction in short-term foreign exchange liabilities – notably swaps and forward obligations.
It added: “The strengthening was also spurred by policy actions to rebuild confidence in the FX market and increase reserve buffers, along with recent improved foreign exchange inflows – particularly from non-oil sources.
6 banks post N3trn profit amid complaints, challenging environment
“The result is a stronger and more transparent reserves position that better equips Nigeria to withstand external shocks.
The expansion occurred even as the CBN continues to reduce short-term liabilities, thereby improving the overall quality of the reserve position.”
Speaking on the development, CBN Governor Olayemi Cardoso said: “This improvement in our net reserves is not accidental; it is the outcome of deliberate policy choices aimed at rebuilding confidence, reducing vulnerabilities, and laying the foundation for long-term stability.
“We remain focused on sustaining this progress through transparency, discipline, and market-driven reforms.
“The CBN remains committed to prudent reserve management, transparent reporting, and macroeconomic policies that support a stable exchange rate, attract investment, and build long-term resilience.”
A heated session unfolded in the House of Representatives on Wednesday over whether the Governor…
The Joint Tax Board (JTB), Nigeria’s leading coordinating body for tax administration, has unveiled a…
The Police Service Commission (PSC), in collaboration with the Nigeria Police Force (NPF), has announced…
The Economic Community of West African States (ECOWAS) has approved sweeping reforms aimed at reducing…
A Federal High Court in Jos on Wednesday heard how a civil servant allegedly lost…
Bandits behind the abduction of worshippers from the Cherubim and Seraphim Church in Ejiba, Yagba…
This website uses cookies.