{"id":161260,"date":"2025-05-04T12:05:39","date_gmt":"2025-05-04T11:05:39","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/nigerias-external-reserves-grew-by-5-6-to-38-8bn-in-2024-cbn"},"modified":"2025-05-04T12:05:39","modified_gmt":"2025-05-04T11:05:39","slug":"nigerias-external-reserves-grew-by-5-6-to-38-8bn-in-2024-cbn","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/nigerias-external-reserves-grew-by-5-6-to-38-8bn-in-2024-cbn","title":{"rendered":"Nigeria\u2019s external reserves grew by 5.6% to $38.8bn in 2024 \u2014 CBN"},"content":{"rendered":"

Africa-Press – Nigeria. <\/strong><\/span>The Central Bank of Nigeria, CBN, has reported that the country\u2019s external reserves grew by 5.6 per cent (approximately $2.2 billion) to reach $38.8 billion in 2024.<\/p>\n

The apex bank disclosed this in its recently released consolidated and separate financial statements for the year ended December 2024.<\/p>\n

This indicates a significant increase in the nation\u2019s external reserves, rising from $36.6 billion in 2023 to $38.8 billion in 2024.<\/p>\n

According to CBN, the growth in Nigeria\u2019s external reserves in 2024 was driven by improved inflows from portfolio investors, diaspora remittances, and federal government receipts. This was attributed to renewed confidence in the economy, fostered by enhanced coordination with the Nigerian National Petroleum Company, NNPC and strategic diaspora engagement.<\/p>\n

\u201cThis is largely attributable to improvement in accretion to external reserves from portfolio investors, diaspora remittances, and federal government receipts following improvement in the confidence in the economy facilitated by better coordination with the Nigerian National Petroleum Company (NNPC) and diaspora engagement strategies. Also, proper investment management decisions aimed at boosting the reserves of the bank.<\/p>\n

\u201cThis performance reflects the CBN\u2019s firm commitment to external sector stability, ensuring Nigeria is better positioned to meet its international obligations, stabilise the Naira, and boost macroeconomic confidence,\u201d the apex bank\u2019s statement partly read.<\/p>\n

The financial statements also revealed 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.<\/p>\n

\u201cThis turnaround is a direct consequence of effective containment of expenditure, gains on investments made by the bank and increased income from foreign exchange transactions,\u201d the statement reads.<\/p>\n

Furthermore, CBN recorded a reduction in loans and receivables, which declined to N11.9 trillion in 2024 from N16.1 trillion in 2023.<\/p>\n

According to the statement: \u201cThis 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\u2019s new stance on allowing market mechanisms to drive credit allocation and financial sector development.\u201d<\/p>\n

The financial statement also noted that other operating expenses in 2024 were well-managed and optimised, reflecting a cost-conscious operational culture.<\/p>\n

Meanwhile, the apex bank reported a substantial increase in its operating income, rising to N15.23 trillion in 2024 from N5.89 trillion in the previous year.<\/p>\n

For More News And Analysis About Nigeria<\/span> Follow Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. The Central Bank of Nigeria, CBN, has reported that the country\u2019s external reserves grew by 5.6 per cent (approximately $2.2 billion) to reach $38.8 billion in 2024. The apex bank disclosed this in its recently released consolidated and separate financial statements for the year ended December 2024. This indicates a significant increase […]<\/p>\n","protected":false},"author":84,"featured_media":161259,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[503,254],"class_list":["post-161260","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-cbn","tag-nigeria"],"yoast_head":"\nNigeria\u2019s external reserves grew by 5.6% to $38.8bn in 2024 \u2014 CBN - Nigeria<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/nigerias-external-reserves-grew-by-5-6-to-38-8bn-in-2024-cbn\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria\u2019s external reserves grew by 5.6% to $38.8bn in 2024 \u2014 CBN\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – Nigeria. The Central Bank of Nigeria, CBN, has reported that the country\u2019s external reserves grew by 5.6 per cent (approximately $2.2 billion) to reach $38.8 billion in 2024. The apex bank disclosed this in its recently released consolidated and separate financial statements for the year ended December 2024. 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