Nigeria’s net external reserves reached $23.11 billion by the end of 2024, marking the highest level in three years, as the Central Bank works on enhancing investor confidence and reducing short-term foreign exchange obligations.
NAIRAMETRICS
The Central Bank of Nigeria (CBN) has revealed that the country’s net external reserves reached $23.11 billion as of December 2024. This marks the highest level in over three years, reflecting the success of strategies aimed at reducing short-term foreign exchange liabilities and boosting non-oil inflows.
CBN is optimistic about maintaining this positive trajectory into 2025, with expectations of increased oil production and favorable export conditions further supporting reserve growth. The increase is seen as a positive sign for the country’s economic outlook.