CBN: Nigeria’s net reserve increased to $23bn in 2024

While revealing this in a statement on Tuesday, the CBN said the $23.11 billion NER was the highest level in over three years, reflecting a substantial improvement in the country’s external liquidity, reduced short-term obligations, and renewed investor confidence. A statement by CBN indicated that NFER, which adjusts gross reserves to account for near-term liabilities such as FX swaps and forward contracts, is widely regarded as a more accurate indicator of the foreign exchange buffers available to meet immediate external obligations.