Nigeria’s external reserves grew by 5.6% to $38.8bn in 2024 — CBN

• Nigeria’s external reserves grew by 5.6% to $38.8 billion in 2024, driven by improved inflows.

• The Central Bank of Nigeria attributes the growth to renewed confidence in the economy.

  The bank’s financial statements reveal a surplus of N165 billion in 2024.

The Central Bank of Nigeria (CBN) has reported a significant growth in the country’s external reserves, which rose by 5.6% to $38.8 billion in 2024.

According to the CBN, the growth was driven by improved inflows from portfolio investors, diaspora remittances, and federal government receipts.

The CBN attributed the growth to renewed confidence in the economy, facilitated by better coordination with the Nigerian National Petroleum Company (NNPC) and diaspora engagement strategies.

ATTENTION: Click “HERE” to join our WhatsApp group and receive News updates directly on your WhatsApp!

READ ALSO: Two Security Personnel Arrested for Aiding Terrorists in North-East – Defence Headquarters

“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 bank’s financial statements also reveal a marked improvement in bottom-line performance, recording a surplus of N165 billion in 2024, compared to a deficit of N1.3 trillion in 2023.