Nigeria’s net foreign exchange reserves (NFER) surged to $23.11 billion by the end of 2024—the highest in three years—signaling renewed strength in the nation’s external financial position. This marks a sharp recovery from $3.99 billion at the end of 2023, $8.19 billion in 2022, and $14.59 billion in 2021. The growth was driven by reduced short-term liabilities such as swaps and forward contracts, according to the Central Bank of Nigeria. In addition, the CBN cited deliberate reforms aimed at restoring market confidence and cutting vulnerabilities, as well as an increase in non-oil forex inflows. Nigeria’s gross external reserves also rose to $40.19 billion from $33.22 billion the previous year. Although Q1 2025 saw a dip due to debt interest payments, the CBN expects reserves to climb steadily due to higher oil production and non-oil export earnings.
Source: Nairametrics
