Nigeria’s Net Foreign Exchange Reserve Hits $23.11 Billion

• Nigeria’s Net Foreign Exchange Reserve (NFER) has increased to $23.11 billion, the highest level in over three years.

Nigeria’s Net Foreign Exchange Reserve (NFER) has increased to $23.11 billion, 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.

According to the Central Bank of Nigeria (CBN), the increase marks a significant improvement from $3.99 billion at year-end 2023, $8.19 billion in 2022, and $14.59 billion in 2021.

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Gross external reserves also increased to $40.19 billion, compared to $33.22 billion at the close of 2023.

The CBN attributes the increase to strategic measures, including a deliberate and substantial reduction in short-term foreign exchange liabilities – notably swaps and forward obligations.

Governor of the Central Bank of Nigeria, Olayemi Cardoso, commented, “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.”

Reps Demand Immediate Suspension of CBN’s ATM Charges Hike

The House of Representatives has demanded the immediate suspension of the increase in ATM transaction charges and stoppage of free ATM withdrawals for customers from other banks imposed by the Central Bank of Nigeria (CBN).

According to the lawmakers, the CBN’s directive to increase withdrawal charges and discontinue free ATM withdrawals for customers using other banks’ ATMs has imposed additional charges.

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