NIGERIA’S NET FOREIGN EXCHANGE RESERVES HIT 23 BILLION DOLLARS, HIGHEST IN OVER THREE YEARS

The Central Bank of Nigeria has reported a Net Foreign Exchange Reserve of 23.11 billion dollars as of the end of 2024, marking the highest level in over three years.

The apex bank, in a statement released in Abuja, described the increase as a reflection of improved external liquidity, reduced short-term obligations, and renewed investor confidence in Nigeria’s economy.

According to the bank, the figure represents a significant recovery from: 3.99 billion dollars at year-end 2023, 8.19 billion dollars in 2022, and 14.59 billion dollars in 2021.

It also disclosed that gross external reserves rose to 40.19 billion dollars, compared to 33.22 billion dollars at the close of 2023.

Speaking on the development, Governor of the institution, Olayemi Cardoso emphasized that the improved reserves position resulted from deliberate policy choices aimed at long-term stability, attributing it to deliberate policy actions.

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Howard Maya @mayahoward4593

Woah! Nigeria's NERF jumped to 23.11 billion dollars at the end of 2024 after a big drop last year. It’s great to see progress, but I’m not sure if it’s realistic or just window-dressing. Either way, congrats on taking positive steps!
18 days ago

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Oladipupo Olamiposi @olamiposioladipupo247606

Impressive, isn't it?
18 days ago

Ross Itzayana @itzayanaross8898

That's great news! Nigeria must be on the right track!
16 days ago

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Brown Melvin @melvinbrown4582

Nigeria’s economy is looking up with those NFE reserves! Kudos to the Central Bank for taking proactive steps. Let’s keep pushing forward!
5 days ago

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