Nigeria’s Net Foreign Exchange Reserves hit 23.11 billion Dollars by the end of 2024, the highest in over three years. This is according to the Central Bank of Nigeria.
This marks a significant jump from $3.99bn in 2023 and $8.19bn in 2022.
CBN Governor Olayemi Cardoso attributed the increase to strategic policies aimed at boosting investor confidence and reducing vulnerabilities. The bank also reported that gross external reserves rose to $40.19bn, up from $33.22bn in 2023, driven by reduced short-term FX liabilities and increased non-oil inflows.
The CBN said it remains optimistic about sustaining this growth in 2025, with expectations of improved oil production and a stable exchange rate.
