Central Bank of Nigeria (CBN) has revealed that Nigeria’s Net Foreign Exchange Reserve (NFER) as of the end of 2024 increased to $23.11 billion.
According to CBN, the increase marked an increase from $3.99 billion at year-end 2023, $8.19 billion in 2022, and $14.59 billion in 2021.
Net Foreign Exchange Reserve (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.
Gross external reserves also increased 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.
CBN also said the strengthening was also spurred by policy actions to rebuild confidence in the FX market and increase reserve buffers, along with recent improved foreign exchange inflows – particularly from non-oil sources.
Commenting on the achievement, Governor of the Central Bank of Nigeria, Olayemi Cardoso stated thus:
“This improvement in our net reserves is not accidental; it is the outcome of deliberate policy choices aimed at rebuilding confidence, reducing vulnerabilities, and laying the foundation for long-term stability.
We remain focused on sustaining this progress through transparency, discipline, and market-driven reforms.”
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