Nigeria’s Net Foreign Exchange Reserves, NFER, rose to $23.11 billion by the end of 2024, the highest level in more than three years, according to the Central Bank of Nigeria, CBN.
The figure marks a significant increase from $3.99 billion in 2023, $8.19 billion in 2022, and $14.59 billion in 2021. The NFER, which adjusts for near-term liabilities such as FX swaps and forward contracts, is regarded as a more accurate measure of Nigeria’s liquid reserves.
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The CBN also reported an increase in gross external reserves, which reached $40.19 billion in December 2024, up from $33.22 billion the previous year. The bank attributed the growth to strategic measures aimed at reducing short-term foreign exchange obligations, including managing FX swaps and forward contracts.
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