Nigeria’s external reserves climbed by 5.6% in 2024, reaching $38.8 billion — a boost of $2.2 billion from the $36.6 billion recorded in 2023, according to the Central Bank of Nigeria’s newly released financial statements.
The CBN credited the growth to improved portfolio inflows, higher diaspora remittances, and enhanced federal government receipts, underpinned by strategic engagement with the NNPC and the Nigerian diaspora.
The bank also cited smarter investment management and renewed economic confidence as key drivers.
“This performance reflects the CBN’s firm commitment to external sector stability, ensuring Nigeria is better positioned to meet its international obligations, stabilise the Naira, and boost macroeconomic confidence,” the statement read.
Other Key Highlights included surplus Rebound: The bank posted a surplus of N165 billion in 2024, a dramatic turnaround from the N1.3 trillion deficit recorded in 2023, Operating income skyrocketed to N15.23 trillion in 2024 from N5.89 trillion in 2023, Loans and receivables dropped from N16.1 trillion in 2023 to N11.9 trillion, reflecting successful recoveries and a shift away from intervention lending and Operating expenses were tightly managed, aligning with the CBN’s new cost-conscious culture.
The report reflected a new fiscal direction, with the apex bank signaling a reduced reliance on direct monetary intervention and a renewed trust in market-led credit allocation.