Abuja – Good news for Nigeria’s finances: the Central Bank of Nigeria (CBN) announced Nigeria external reserves grow. The nation’s reserves climbed to $38.8 billion in 2024, showing a healthy increase.
Why the jump? The CBN points to several factors. More money came in from portfolio investors and Nigerians living abroad (diaspora remittances). Higher receipts collected by the federal government also played a part. The bank directly linked this to “improvement in the confidence in the economy.”
Stability Boost as Nigeria External Reserves Grow
The CBN highlighted what this means for the country. The growth shows the bank’s strong focus on keeping the external sector stable. Having larger reserves puts Nigeria in a better spot to pay its international bills. It also supports efforts to stabilize the Naira and build more confidence in the economy overall, particularly because Nigeria external reserves grow.
The Central Bank’s own finances looked better too. Its latest reports showed a surplus of N165 billion for 2024. Operating income saw a big jump from the year before. Additionally, the CBN successfully recovered significant amounts from earlier lending programs, reducing outstanding loans. The fact Nigeria external reserves grow coincided with these positive internal financial developments at the CBN.
By Abdullah Korede
[…] home by citizens abroad is more than just extra cash; it’s a financial lifeline. In 2023, Nigeria saw over $20 billion flow in through remittances. That figure climbed by 9% to an impressive $20.9 billion in 2024. […]