Nigeria’s Net Foreign Exchange Reserves (NFER) reached $23.11 billion at the end of 2024, its highest level in over three years. 

This reflects improved external liquidity, reduced short-term obligations, and renewed investor confidence.

Gross external reserves also increased to $40.19 billion, up from $33.22 billion in 2023. 

The Central Bank of Nigeria (CBN) attributes this growth to strategic measures and policy actions.

The CBN anticipates continued growth in reserves, driven by improved oil production levels, export growth, and diversified external inflows. 

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