Cbn Reports 23bn Net Foreign Exchange Reserves Strongest In Over Three Years

The Central Bank of Nigeria CBN has reported a Net Foreign Exchange Reserve NFER of 23.11 billion as of the end of 2024, marking the highest level in over three years.

In a statement released in Abuja, the apex bank described the increase as a reflection of improved external liquidity, reduced short-term obligations, and renewed investor confidence in Nigerias economy.

The NFER, which accounts for near-term liabilities such as FX swaps and forward contracts, is considered a more accurate measure of Nigerias available foreign exchange buffers.

According to the CBN, the 23.11 billion figure represents a significant recovery from: 3.99 billion at year-end 2023, 8.19 billion in 2022, and 14.59 billion in 2021.