Net cbn reserves grow by $ 3.99 billion to $ 23.11 billion, higher in three years

The central bank of Nigeria (CBN) has reported a substantial improvement in its net position of foreign currency reserve at the end of 2024, reflecting a substantial improvement in the country’s external liquidity, reduced short -term obligations and renewed trust of investors.

According to the CBN, Nfer was at $ 23.11 billion, the highest level in over three years, a marked increase from $ 3.99 billion at the end of the year 2023, $ 8.19 billion in 2022 and $ 14.59 billion in 2021.

Nfer, which regulates gross reserves to take into account short -term liabilities such as Swap FX and forward contracts, is widely considered as a more accurate indicator of the exchange buffers available to satisfy immediate external obligations.

The gross external reserves also increased to $ 40.19 billion, compared to $ 33.22 billion at the end of 2023.

The increase in reserves reflects a combination of strategic measures adopted by the CBN, including a deliberate and substantial reduction of the liabilities of short -term changes, in particular the swaps and obligations forward.

The strengthening has also been stimulated by political actions to reconstruct trust in the FX market and increase reserve buffers, together with recent improved exchange rows, in particular by non -oil sources.

The result is a stronger and more transparent position of reserves that better equips Nigeria to resist external shocks.

The expansion also occurred when the CBN continues to reduce short -term liabilities, thus improving the overall quality of the reserve position.

“This improvement of our net reserves is not accidental; it is the result of political choices approved aimed at reconstructing trust, reducing vulnerability and laying the foundations for long -term stability,” commented the governor of the central bank of Nigeria, Cardoso Olaymi.

He added: “We remain focused on the support of these progress through transparency, discipline and market -based reforms”.

The reserves continued to strengthen in 2025. While the data of the first quarter reflect some seasonal and transition adjustments, including payments of significant interests on the debts called abroad, the foundations below remain intact and it is expected that the reserves will continue to improve in the second quarter of this year.

The CBN claimed to have anticipated a constant increase in the reserves, supported by an improvement in oil production levels and by a growing growth environment more in support that should increase non -peoli earnings.

The CBN has declared that it was engaged in the prudent management of the reserve, in transparent relationships and macroeconomic policies that support a stable exchange rate, attract investments and build long -term resilience. [The Whistler]