The financial report further highlighted a dramatic turnaround in the CBN’s financial position
Nigeria’s External Reserves Rise by 5.6% to $38.8 Billion in 2024 – CBN
Nigeria’s external reserves increased by 5.6% in 2024, reaching $38.8 billion, up from $36.6 billion in 2023, according to the Central Bank of Nigeria (CBN). This translates to a growth of approximately $2.2 billion.
The CBN disclosed this in its recently released consolidated and separate financial statements for the year ended December 2024. The bank attributed the rise in reserves to stronger inflows from portfolio investments, remittances from Nigerians abroad, and federal government earnings.
“This growth was mainly due to higher accretion from portfolio investors, diaspora remittances, and government receipts, supported by improved coordination with the Nigerian National Petroleum Company (NNPC) and enhanced diaspora engagement,” the CBN stated.
The bank also cited prudent investment strategies as a factor in boosting reserve levels. It emphasized that this performance reflects a strong commitment to maintaining external sector stability, meeting international obligations, stabilizing the Naira, and improving overall economic confidence.
The financial report further highlighted a dramatic turnaround in the CBN’s financial position. The bank posted a surplus of ₦165 billion in 2024, reversing a ₦1.3 trillion deficit recorded in 2023. This improvement was credited to tighter control of expenditures, investment gains, and increased revenue from foreign exchange operations.
Additionally, the CBN reported a significant drop in loans and receivables, which fell from ₦16.1 trillion in 2023 to ₦11.9 trillion in 2024. The reduction was driven by recoveries from earlier intervention programs and a strategic move away from monetary financing in favor of market-driven credit allocation.
Operating income also surged, rising to ₦15.23 trillion in 2024 from ₦5.89 trillion the previous year. The bank noted that operating expenses were efficiently managed, reflecting a more cost-conscious approach to operations. Read More
