Nigeria’s Net Foreign Exchange Reserve (NFER) reached $23.11 billion at the end of 2024, the highest in over three years, signaling stronger external liquidity, reduced short-term obligations, and improved investor confidence. This marks a significant rise from $3.99 billion in 2023, $8.19 billion in 2022, and $14.59 billion in 2021, according to the Central Bank of Nigeria (CBN).
Gross external reserves also climbed to $40.19 billion, up from $33.22 billion in 2023. The surge is attributed to the CBN’s strategic reduction of short-term FX liabilities, market reforms, and increasing non-oil foreign exchange inflows.
CBN Governor Olayemi Cardoso stated that the growth reflects deliberate policies aimed at rebuilding confidence and ensuring long-term stability. The bank expects reserves to strengthen further in 2025, driven by improved oil production, rising non-oil exports, and macroeconomic policies supporting exchange rate stability and investment inflows.
The CBN reaffirmed its commitment to prudent reserve management, transparency, and reforms to sustain economic resilience.
