The Central Bank of Nigeria (CBN) has reported a substantial improvement in its Net Foreign Exchange Reserve (NFER) position as of the end of 2024, reflecting a marked increase in the country’s external liquidity, reduced short-term obligations, and renewed investor confidence.
According to the CBN, NFER stood at $23.11 billion, the highest level in over three years. This represents a significant increase from $3.99 billion at the end of 2023, $8.19 billion in 2022, and $14.59 billion in 2021.
Gross external reserves also rose to $40.19 billion, compared to $33.22 billion at the close of 2023.
The increase in reserves reflects a combination of strategic measures undertaken by the CBN, including a deliberate and substantial reduction in short-term foreign exchange liabilities, notably swaps and forward obligations.
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