Nigeria’s Net Foreign Exchange Reserves Hit $23.11bln in 2024, Highest in Three Years

Nigeria’s net foreign exchange (FX) reserves reached a three-year high of $23.11 billion in 2024, according to the Central Bank of Nigeria (CBN).

This significant increase was attributed to strategic policy measures, including a substantial reduction in short-term FX liabilities.

The CBN, in a statement on Tuesday, reported that net international reserves, defined as the difference between reserve assets and reserve liabilities, stood at $3.99 billion in 2023, $8.19 billion in 2022, and $14.59 billion in 2021. Gross external reserves also rose to $40.19 billion at the end of 2024, up from $33.22 billion at the end of 2023.

The statement reads:“NFER stood at $23.11bn, the highest level in over three years, a marked increase from $3.99 billion at year-end 2023, $8.19bn in 2022, and $14.59bn in 2021.

“The strengthening was also spurred by policy actions to rebuild confidence in the FX market and increase reserve buffers, along with recent improved foreign exchange inflows – particularly from non-oil sources.

“The result is a stronger and more transparent reserves position that better equips Nigeria to withstand external shocks.”

Dr. Olayemi Cardoso, CBN’s governor, noted that the progress was not accidental, but rather the outcome of deliberate policy choices aimed at stabilizing the economy.

“We remain focused on sustaining this progress through transparency, discipline, and market-driven reforms,” he said.

The apex bank said that reserves have continued to strengthen in 2025, despite some seasonal and transitional adjustments.

The regulator expects the reserves to continue improving over the second quarter of this year, driven by improved oil production levels and a supportive export growth environment.