₦airaland Forum

The Central Bank of Nigeria (CBN) has reported a Net Foreign Exchange Reserve (NFER) of $23.11 billion as of the end of 2024, marking the highest level in over three years.

In a statement released in Abuja, the apex bank described the increase as a reflection of improved external liquidity, reduced short-term obligations, and renewed investor confidence in Nigeria’s economy.

The NFER, which accounts for near-term liabilities such as FX swaps and forward contracts, is considered a more accurate measure of Nigeria’s available foreign exchange buffers.

According to the CBN, the $23.11 billion figure represents a significant recovery from: $3.99 billion at year-end 2023, $8.19 billion in 2022, and $14.59 billion in 2021.

Additionally, gross external reserves rose to $40.19 billion, compared to $33.22 billion at the close of 2023.

The CBN attributed the improvement to deliberate policy actions, including: Reducing short-term foreign exchange liabilities (notably FX swaps and forward contracts), Rebuilding confidence in the FX market through transparency and reforms, Increasing reserve buffers to strengthen Nigeria’s economic position, Boosting FX inflows from non-oil sources.

CBN Governor: “This Progress Is No Accident”

CBN Governor Olayemi Cardoso emphasized that the improved reserves position resulted from deliberate policy choices aimed at long-term stability.

“This improvement in our net reserves is not accidental; it is the outcome of deliberate policy choices aimed at rebuilding confidence, reducing vulnerabilities, and laying the foundation for long-term stability,” he stated.

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

The CBN projects further reserve growth in 2025, with expectations of: Improved oil production levels, Stronger non-oil FX earnings and More diversified external inflows.

The CBN hinted that reserves would continue to strengthen in 2025.

While the first quarter figures reflected some seasonal and transitional adjustments, including significant interest payments on foreign-denominated debt, underlying fundamentals remain intact, and reserves are expected to continue improving over the second quarter of this year.

Going forward, the CBN said it anticipates a steady uptick in reserves, underpinned by improved oil production levels, and a more supporting export growth environment expected to boost non-oil FX earnings and diversify external inflows.

“The CBN remains committed to prudent reserve management, transparent reporting and macroeconomic policies that support a stable exchange rate, attract investment and build long-term resilience,” it stated.

According to the CBN, the $23.11 billion figure represents a significant recovery from: $3.99 billion at year-end 2023, $8.19 billion in 2022, and $14.59 billion in 2021.

femisplash:
Which is evident in our net reserves gaining a significant leap from $3.7billion to $23.8 in less than two years.

PressMyButton:
Emefiele is a scammer, we read the news when JP Morgan came out to debunk him, we couldn't believe our eyes. And the scammer was sponsoring rice farmers to go buy presidential ticket for him to contest. He will rot in jail.


After God, na Tinubu 💪 God bless Nigeria

zero8zero:
Because you can't see beyond stomach infrastructure.

zionstaar75:
it will translate to Nigerians who are productive with their lives and work smart. There are poor people in every country of the World (UK,USA,Canada) no food for lazy man and an average Nigerian is lazy and not willing to create wealth

TimeManager:
The economy is now in the right hands, no pain, no gain. God bless Nigeria.

-Kiss the truth!

iwaeda:
•But revenue grew 34.8% to N8.6trn

This represents a 41 percent increase from its N9.16 trillion budgeted deficit for the review period.

Details of data from the Central Bank of Nigeria, CBN, Quarterly Economic Reports for 2024 showed that the deficit increased by 0.77 percent Year-on-Year (YoY) compared to N12.85 trillion recorded in 2023.

Further breakdown of data showed that in 2024 the FG expenditure stood at N21.5 trillion, up by 12 percent YoY from N19.19 trillion in 2023, but down by 25.2 percent from the 2024 budget of N28.76 trillion.


However, revenue grew YoY by 34.8 percent to N8.55 trillion in 2024 from N6.34 trillion in 2023 and down by 56 percent from the 2024 budget of N19.56 trillion.

In its fourth quarter 2024 Economic Reports, the apex bank noted that[b] FG’s expenditure rose by 2.22 percent to N5.6 trillion on account of higher personnel cost and interest payments.[/b]

https://www.vanguardngr.com/2025/04/fgs-deficit-hits-n12-95tr-exceeds-budgeted-target-by-41/

OkCornel:
How has this translated to improvement in the standard of living for the average Nigerian?

Omicronvaccine:
Wherever You See Free Food, Eat It - Nigerian Senate President, Senator Akpabio Advises Nigerians


https://www.youtube.com/watch?v=fIdtxSZDQoY

femisplash:
From the above, remember, if you might, that there was a contention between the CBN and JP Morgan. While Emefiele reported a net reserves of $38.8billion as at 2023 before living office, JP Morgan ( Nigeria's foreign banker) refuted his claim with a hard fact which put our reserves at $3.7billion. A staggering differential from what was initially painted to the public. This is a NET figure not GROSS figure.
Please, refer to the below link:

JP Morgan estimates Nigeria’s net external reserve to be around $3.7 billion

https://nairametrics.com/2023/08/21/jp-morgan-estimates-nigerias-net-external-reserve-to-be-around-3-7-billion/

The Net reserves figure of $3.7billion was arrived at after deductions of forward contracts, currency swap and securities lending.

While we struggled with little to nothing, Emefiele padded the stats ( reserves), giving a false impression we had just about a healthy reserves with the aim of persuading both creditors and investors alike. And indeed, it did. Shortly after the reports by Emefiele, the market reacted positively, creditors were giving us more loans, we got more to pay for subsidy, infrastructure, railways, recurrent expenditure, and all. However, the moment JP Morgan gave a counter-fact to the true financial status of our foreign reserves, everything went downhill, investors pulled out their funds, the market was deflated, foreign banks / lenders refused to give our importers letters of credits, the naira fell all the way to around 907 to a dollar, before Emefiele was eventually fired. And consequently, the naira being floated.

Remember in all of these, while we tried wriggling through, the cude oil which is our major source of foreign exchange had been sold in advance for loans. So, while we produced about 1.1/1.2 mpb , a greater percentage had been used to offset loans in advance. We literally used everything we had to borrow, while we had nothing as a buffer. The country was on a verge of total collapse.

Let me give a practical illustration for easy understanding of the country's situation at the time; like you have N500 in your account, then you go borrow cash of N2500 from Mr X which adds up your balance to N3000 and then go to Mr Y to borrow another cash of N2000, adding up your cash balance to N5000. Just so to give a false impression that you're worth N5,000 meanwhile, you true worth is N500 ONLY!. With N500, no creditor will ever give you loan because it's a red flag. So you had to pad up your worth to N5000 to convince your creditors that you were credit worthy. And that was how we were living and running the economy 10-11years ago, untill President Tinubu pressed the reset button.
Hard and tough the decisions might be, it helped repositioned the economy from the verge of a total collapse. Which is evident in our net reserves gaining a significant leap from $3.7billion to $23.8 in less than two years. This is as a result of an unrelenting efforts of a bunch of good policies and systematic implementation thereof.

Until we look beyond food inflation which is self-inflicted ( bandits attacks on farmers) which might have eroded our true sense of appreciating the Government that has done a yoeman's job of saving a banged-up economy from a total collapse.

femisplash:
https://www.vanguardngr.com/2025/04/cbn-reports-23bn-net-foreign-exchange-reserves-strongest-in-over-three-years/

ClearFlair:
Strongest in 3 years of APC that is known as a failure. A failure of more than a decade.

Clobisman:
Is this supposed to be an achievement, if we must compare let it be with where the APC met the PDP.

Frezhkid10:
When you know what you want to do..just do it!!!..assuming president Tinubu had listened to those ignorant fellows that want to keep living in dressed reality…Nigeria for don cease to exist now!!

femisplash:
From the above, remember, if you might, that there was a contention between the CBN and JP Morgan. While Emefiele reported a net reserves of $38.8billion as at 2023 before living office, JP Morgan ( Nigeria's foreign banker) refuted his claim with a hard fact which put our reserves at $3.7billion. A staggering differential from what was initially painted to the public. This is a NET figure not GROSS figure.
Please, refer to the below link:

JP Morgan estimates Nigeria’s net external reserve to be around $3.7 billion

https://nairametrics.com/2023/08/21/jp-morgan-estimates-nigerias-net-external-reserve-to-be-around-3-7-billion/

The Net reserves figure of $3.7billion was arrived at after deductions of forward contracts, currency swap and securities lending.

While we struggled with little to nothing, Emefiele padded the stats ( reserves), giving a false impression we had just about a healthy reserves with the aim of persuading both creditors and investors alike. And indeed, it did. Shortly after the reports by Emefiele, the market reacted positively, creditors were giving us more loans, we got more to pay for subsidy, infrastructure, railways, recurrent expenditure, and all. However, the moment JP Morgan gave a counter-fact to the true financial status of our foreign reserves, everything went downhill, investors pulled out their funds, the market was deflated, foreign banks / lenders refused to give our importers letters of credits, the naira fell all the way to around 907 to a dollar, before Emefiele was eventually fired. And consequently, the naira being floated.

Remember in all of these, while we tried wriggling through, the cude oil which is our major source of foreign exchange had been sold in advance for loans. So, while we produced about 1.1/1.2 mpb , a greater percentage had been used to offset loans in advance. We literally used everything we had to borrow, while we had nothing as a buffer. The country was on a verge of total collapse.

Let me give a practical illustration for easy understanding of the country's situation at the time; like you have N500 in your account, then you go borrow cash of N2500 from Mr X which adds up your balance to N3000 and then go to Mr Y to borrow another cash of N2000, adding up your cash balance to N5000. Just so to give a false impression that you're worth N5,000 meanwhile, you true worth is N500 ONLY!. With N500, no creditor will ever give you loan because it's a red flag. So you had to pad up your worth to N5000 to convince your creditors that you were credit worthy. And that was how we were living and running the economy 10-11years ago, untill President Tinubu pressed the reset button.
Hard and tough the decisions might be, it helped repositioned the economy from the verge of a total collapse. Which is evident in our net reserves gaining a significant leap from $3.7billion to $23.8 in less than two years. This is as a result of an unrelenting efforts of a bunch of good policies and systematic implementation thereof.

Until we look beyond food inflation which is self-inflicted ( bandits attacks on farmers) which might have eroded our true sense of appreciating the Government that has done a yoeman's job of saving a banged-up economy from a total collapse.

anonimi:
God does not bless liars and propagandists. Maybe some other demonic and devilish entity can do that

“Further analysis of total expenditure showed that recurrent (75.13 percent) accounted for the largest share outlay, with the remainder split between capital (17.1 percent) and transfer payments (7.77 percent).

patrickcollins:
The terrible president Tinubu wouldn't be in office forever, Buhari's supporters said more than you and today their heads covered in shame, even Buhari's media teams have all gone underground because it's clear he did a bad job for 8 years

OkCornel:
How has this translated to improvement in the standard of living for the average Nigerian?

Tochi3:


..they want to use lies, deceit & propaganda to acheive competence..

..liars..

OkCornel:
How has this translated to improvement in the standard of living for the average Nigerian?

zero8zero:
How does deficits related to foreign net reserves?. You keep showing you are a dullard with no thinking capacities. All you know is spamming threads with unrelated gibberish.

anonimi:
The eyesore on Bourdillon Road
2nd January 2025

Beyond his neighbours, there is something about the sight of people hanging around a president’s residence that does not speak well of his leadership capabilities. Maybe no one has nudged him to see it, but the impression that spectacle on Bourdillon Road generates is that Tinubu enjoys the sight of suffering humans and thrives in—and through— their poverty.

If all these years, impoverished people hang around you and you remain comfortable enough to keep them just so they can be handed tokens of your large heart, then it means you have a pro-poverty mindset. Such a frame of mind is oriented toward cultivating poverty rather than stimulating abundance.

That is why he could unproblematically relate the story of his “friend” who went from using five Rolls Royce to a far-less valued car and not consider the import of the nonsense he was saying. That spurious account was an indication that this is a man for whom poverty—of others, not himself—is an ideal.

https://punchng.com/the-eyesore-on-bourdillon-road/

anonimi:
The dullard resides in Bourdillon where he gives crumbs to beggarly losers like you instead of jobs to earn a living wage in dignity.

zero8zero:
Another unrelated bullshit from a PDP dolt. If you wan chop, go and collect your own, nobody dey hold you. Even in developed countries, they give people food stamps, you Illiterate.