Nigerias Net Forex Reserves Rises 479 To 23bn Cbn

Strongest in over 3 yrs

The Central Bank ofNigeria CBN yesterday said that the nations Net Foreign Exchange Reserve NFER rose by 479 per cent to 23.11 billion in 2024 from 3.99 billion in 2023.

The CBN disclosed this in a statement explaining that the increase reflected a substantial improvement in the countrys external liquidity, reduced short-term obligations, and renewed investor confidence .

NFER, which adjusts gross reserves to account for near-term liabilities such as FX swaps and forward contracts, is widely regarded as a more accurate indicator of the foreign exchange buffers available to meet immediate external obligations.