Victor EzejaThe Central Bank of Nigeria (CBN) says the country’s external reserves increased by 5.6 per cent (about $2.2 billion) to $38.8 billion in 2024.
The apex bank stated this in its recently released consolidated and separate financial accounts for the fiscal year ending December 2024.
Join our WhatsApp ChannelThis reveals a large growth in the country’s external reserves, rising from $36.6 billion in 2023 to $38.8 billion by 2024.
The apex bank said Nigeria’s foreign reserves growth in 2024 was due to higher inflows from portfolio investors, diaspora remittances, and federal government receipts.
This, it added, was due to improvement in confidence in the economy, which was boosted by enhanced cooperation with the Nigerian National Petroleum Company (NNPC) and targeted diaspora involvement.
“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 apex bank’s statement partly read.
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The financial statements also showed a significant improvement in bottom-line performance, with a surplus of N165 billion in 2024 versus a deficit of N1.3 trillion in 2023.
The CBN also reported a decrease in loans and receivables, which fell to N11.9 trillion in 2024 from N16.1 trillion in 2023.
“This is primarily attributed to significant recoveries from earlier intervention lending programmes, a deliberate policy shift away from intervention lending, and monetary financing through ways and means in line with the bank’s new stance on allowing market mechanisms to drive credit allocation and financial sector development,” the CBN further stated.
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The financial statement also stated that other operating expenses in 2024 were well-managed and optimized, demonstrating a cost-conscious operational culture.
The CBN also reported a significant increase in operating income, rising to N15.23 trillion in 2024 from N5.89 trillion the previous year.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
