The Central Bank of Nigeria (CBN) announced Tuesday that Nigeria’s net foreign exchange reserves (NFER) surged to $23.11 billion by the end of 2024, marking their highest level in three years. The increase signals a significant improvement in the country’s external financial position.
The latest figures reflect a sharp recovery from previous years. The NFER stood at just $3.99 billion at the end of 2023, down from $8.19 billion in 2022 and $14.59 billion in 2021.
The CBN attributed the improved position to a “substantial reduction” in short-term foreign exchange liabilities, including currency swaps and forward obligations. It also credited policy measures aimed at strengthening forex market confidence and increasing non-oil foreign exchange inflows.
“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,” Central Bank Governor Olayemi Cardoso said.
“We remain focused on sustaining this progress through transparency, discipline, and market-driven reforms.”
Nigeria’s gross external reserves rose to $40.19 billion by the end of 2024, marking a significant increase from $33.22 billion recorded the previous year, according to the Central Bank of Nigeria (CBN).
Despite a temporary decline in the first quarter of 2025—attributed to seasonal trends and foreign debt interest payments—the CBN expects reserves to rebound in the second quarter. The anticipated recovery will be driven by higher oil production and a boost in non-oil export earnings, reinforcing Nigeria’s external financial stability.
