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Nigeria’s CBN Says Foreign Exchange Reserve Grew By $20B in 2024 Amidst Naira’s Weak Performance

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Adeola Oladipupo

Adeola is an award-winning investigative journalist.
  • Net FX reserves climb sharply to $23.11 billion in 2024 from $3.99 billion
  • Analysts attribute growth to rate hikes, Eurobond inflows, and remittance policies

Lagos, Nigeria – Nigeria’s Net Foreign Exchange Reserves (NFER) surged significantly in 2024, rising to $23.11 billion from $3.99 billion a year earlier, according to the Central Bank of Nigeria (CBN). However, analysts warn persistent volatility in the naira undermines confidence in the country’s broader economic stability.

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