Nigeria’s Net Foreign Exchange Reserves (NFER) stood at $23.11 billion by the end of 2024, marking the highest level in over three years, according to the Central Bank of Nigeria (CBN).

This figure represents a sharp rise from $3.99 billion at the end of 2023, $8.19 billion in 2022, and $14.59 billion in 2021.

The increase, driven by strategic policies, has bolstered Nigeria’s external liquidity, reduced short-term obligations, and restored investor confidence.

Gross external reserves also rose to $40.19 billion, up from $33.22 billion at the close of 2023.

CBN Governor Olayemi Cardoso attributed the improvement to deliberate measures, including a reduction in foreign exchange liabilities and reforms aimed at rebuilding market confidence.

“This progress is the result of strategic decisions to enhance transparency, reduce vulnerabilities, and ensure long-term economic stability,” Cardoso said.

The CBN anticipates further growth in reserves, supported by increased oil production and rising non-oil foreign exchange inflows.