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CBN: Net FX Reserves Stood At $23.11bn In 2024, Highest In 3 Years

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CBN

CBN: Net FX Reserves Stood At $23.11bn In 2024, Highest In 3 Years

CBN: Net FX reserves stood at $23.11bn in 2024, highest in 3 years. The Central Bank of Nigeria (CBN) says Nigeria’s net foreign exchange (FX) reserves (NFER) stood at $23.11 billion in 2024, marking the highest level in three years.

Net international reserves are defined as the difference between reserve assets and reserve liabilities.

According to the CBN, NFER was $3.99 billion in 2023, $8.19 billion in 2022, and $14.59 billion in 2021.

The NFER, which adjusts gross reserves for near-term liabilities such as foreign exchange (FX) swaps and forward contracts, is considered a more accurate indicator of the country’s ability to meet immediate external obligations.

Additionally, gross external reserves rose to $40.19 billion at the end of last year, up from $33.22 billion at the end of 2023.

The CBN attributed the increase in reserves to strategic policy measures, including a substantial reduction in short-term FX liabilities, particularly swaps and forward obligations.

“The strengthening was also spurred by policy actions to rebuild confidence in the FX market and increase reserve buffers, along with recent improved foreign exchange inflows – particularly from non-oil sources,” the bank said.

“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 continues to reduce short-term liabilities, thereby improving the overall quality of the reserve position.”

Olayemi Cardoso, CBN’s governor, described the progress as the result of deliberate policy choices aimed at stabilising the economy.

“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,” Cardoso said.

“We remain focused on sustaining this progress through transparency, discipline, and market-driven reforms.” CBN noted that reserves have continued to strengthen in 2025.

The bank said while the first quarter figures reflected some seasonal and transitional adjustments, including significant interest payments on foreign-denominated debt, underlying fundamentals remain intact.

CBN

CBN

The regulator added that the reserves are expected to continue improving over the second quarter of this year.

“Going forward, the CBN anticipates a steady uptick in reserves, underpinned by improved oil production levels, and a more supporting export growth environment expected to boost non-oil FX earnings and diversify external inflows,” the bank said.

The CBN reaffirmed its commitment to prudent reserve management, transparent reporting, and macroeconomic policies that support a stable exchange rate, attract investment, and build long-term resilience.

Economy

Reps Pays N14.4m To Enrol 800 Constituents In Health Scheme

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Reps

Reps Pays N14.4m To Enrol 800 Constituents In Health Scheme

Reps pays N14.4m to enrol 800 constituents in health scheme. Mr Etteh noted that with sound health, the people could maximise their potential and benefit more from government plans.

Okpolupm Etteh, the member (PDP) representing Eket/Esit Eket/Onna/Ibeno Federal Constituency in the House of Representatives, has presented a cheque of ₦14.4 million to the Akwa Ibom State Health Insurance Scheme for his constituents’ enrolment.

The lawmaker said the sum would cover the enrolment of 800 members of his constituents when he presented the cheque to the Health Insurance during his visit to the office in Uyo on Thursday.

Mr Etteh, represented by Kingsley Mbre, PDP Eket Central, Ward 1 Leader, said he was in support of the ARISE health policy of the Governor Umo Eno-led administration.

Mr Eno flagged off the scheme in the state on Friday, September 20, 2024. Mr Etteh noted that with sound health, the people could maximise their potential and benefit more from government plans and programmes.

The lawmaker urged the people of the constituency to partake and be beneficiaries of the scheme.

Mr Etteh commended the state governor for prioritising the health needs of the people by investing in primary and secondary health facilities across the state.

He added that with the effort, Akwa Ibom would become a haven for health tourists in a few years while assuring that the scheme would be sustained.

The chairman of the scheme, Edikan Ekwere, who, received the team, commended the lawmaker for redeeming the promise he made during the launch of the scheme by Mr Eno.

Reps

Reps

Mr Ekwere said the gesture was timely and thoughtful.
He said the scheme, aimed at pooling funds for strategic healthcare purchases, was to ensure all the residents of the state had access to efficient healthcare services to reduce catastrophic health expenditure.

He, however, commended the lawmaker for pledging to sustain the scheme.
Ogbeni Arthur, the executive secretary of the scheme, commended the lawmaker for partnering with the state government.

He assured that the team would embark on a visit for the biometric capturing of the beneficiaries once a suitable date and respective venues were selected.

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Economy

PCN Arrests 7 Vendors, Seals 100 Pharmaceutical Premises In Gombe For Regulatory Violations

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PCN Arrests 7 Vendors

PCN Arrests 7 Vendors, Seals 100 Pharmaceutical Premises In Gombe For Regulatory Violations

PCN arrests 7 vendors, seals 100 pharmaceutical premises in Gombe for regulatory violations. Mr Chiroma said the arrested vendors had unlawfully broken the official PCN seals on their premises.

The Pharmacy Council of Nigeria (PCN) has arrested seven vendors and sealed 100 pharmaceutical premises in Gombe State for various regulatory violations.

The violations included the non-renewal of licences and the operation of illegal premises.

Head of Enforcement at PCN, Suleiman Chiroma, said this in Gombe on Thursday.
Mr Chiroma said the arrested vendors had unlawfully broken the official PCN seals on their premises and would be subjected to thorough investigation and prosecution.

According to Mr Chiroma, the enforcement team inspected 144 pharmaceutical premises across the state, of which 100 were found non-compliant and subsequently sealed.

PCN Arrests 7 Vendors

PCN Arrests 7 Vendors

Mr Chiroma reaffirmed PCN’s commitment to ensuring compliance with pharmaceutical regulations in Nigeria.

He said that the council would take all necessary measures to implement the National Drug Distribution Guidelines, which are aimed at sanitising the drug distribution system and curbing the sale of unregulated and substandard medicines.

Mr Chiroma urged pharmacy operators in the state to adhere strictly to regulatory standards by ensuring proper licensing and compliance with pharmaceutical laws to avoid legal consequences.

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Economy

Diri Praises Tinubu As ‘Grandmaster Of Partnerships’ For Coastal Road Project

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Diri Praises Tinubu

Diri Praises Tinubu As ‘Grandmaster Of Partnerships’ For Coastal Road Project

Diri praises Tinubu as ‘grandmaster of partnerships’ for coastal road project. Bayelsa State Governor, Douye Diri, has hailed President Bola Tinubu as the “grandmaster of partnerships” for initiating the Lagos-Calabar coastal road project, a long-standing demand of the Ijaw people.

Speaking at an NDDC medical outreach in Yenagoa, Diri noted that despite multiple appeals to the previous administration, his requests for collaboration on critical road projects went unanswered.

Diri Praises Tinubu

Diri Praises Tinubu

However, under Tinubu’s leadership, the second phase of the Nembe-Brass road has been awarded, and contractors have mobilized to site.

The governor expressed confidence that Tinubu would see the coastal road project through to completion, emphasizing its significance for the region’s development.

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