{"id":117038,"date":"2025-04-02T20:29:02","date_gmt":"2025-04-02T19:29:02","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=117038"},"modified":"2025-04-02T20:29:02","modified_gmt":"2025-04-02T19:29:02","slug":"cbn-records-23-11bn-surge-in-fx-reserves","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/cbn-records-23-11bn-surge-in-fx-reserves\/","title":{"rendered":"CBN Records $23.11bn Surge in Fx Reserves"},"content":{"rendered":"<div id=\"m#msg-f:1828306867992057327\" class=\"mail-message expanded\">\n<div id=\"m#msg-f:1828306867992057327-content\" class=\"mail-message-content collapsible zoom-normal mail-show-images \">\n<div class=\"clear\">\n<div dir=\"ltr\">\n<div>\n<div style=\"text-align: justify;\">By Lizzy Chirkpi<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The Central Bank of Nigeria (CBN) has announced a significant boost to its Net Foreign Exchange Reserve (NFER) position, after posting a figure of $23.11 billion as of the end of 2024. This marks the highest level recorded in over three years, showcasing a substantial improvement in the nation&#8217;s external financial standing.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The NFER, which stood at $23.11bn, represents a remarkable increase from $3.99bn at year-end 2023.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">It previously stood at $8.19bn in 2022, and $14.59bn in 2021.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">A statement by the apex bank said the surge indicates a &#8220;substantial improvement in the country\u2019s external liquidity, reduced short-term obligations, and renewed investor confidence.&#8221;<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The NFER provides a more accurate representation of the foreign exchange buffers available for immediate external obligations, as it adjusts gross reserves to account for near-term liabilities such as FX swaps and forward contracts.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">In parallel, gross external reserves also experienced an increase, reaching $40.19bn, compared to $33.22bn at the close of 2023.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The CBN attributed this growth in reserves to a combination of &#8220;strategic measures undertaken,&#8221; including a &#8220;deliberate and substantial reduction in short-term foreign exchange liabilities \u2013 notably swaps and forward obligations.&#8221;<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The strengthening was further &#8220;spurred by policy actions to rebuild confidence in the FX market and increase reserve buffers, along with recent improved foreign exchange inflows \u2013 particularly from non-oil sources.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">&#8220;The result is a stronger and more transparent reserves position that better equips Nigeria to withstand external shocks. The expansion occurred even as the CBN continued to reduce short-term liabilities, thereby improving the overall quality of the reserve position.&#8221;<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">CBN Governor, Olayemi Cardoso emphasised the strategic nature of the achievement, saying, &#8220;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. We remain focused on sustaining this progress through transparency, discipline, and market-driven reforms.&#8221;<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Looking ahead, the CBN expressed optimism regarding the continued growth of reserves. &#8220;Reserves have continued 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.&#8221;<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The CBN further projected, &#8220;We anticipate a steady uptick in reserves, underpinned by improved oil production levels, and a more supporting export growth environment that is expected to boost non-oil FX earnings and diversify external inflows.&#8221;<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The bank pledged its commitment to &#8220;prudent reserve management, transparent reporting, and macroeconomic policies that support a stable exchange rate, attract investment, and build long-term resilience.\u201d<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"mail-message-footer spacer collapsible\" style=\"text-align: justify;\"><\/div>\n<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>By Lizzy Chirkpi The Central Bank of Nigeria (CBN) has announced a significant boost to its Net Foreign Exchange Reserve (NFER) position, after posting a figure of $23.11 billion as&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":117001,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-117038","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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