CBN posts $23bn net FX reserve, strongest in three years

The Central Bank of Nigeria (CBN) has achieved its strongest foreign exchange reserve position in over three years, posting an impressive $23.11 billion in net reserves at the end of 2024.

The development signals a robust recovery and enhanced financial stability for the country’s economy. It also reflects a substantial improvement in the country’s external liquidity, reduced short-term obligations, and renewed investor confidence.

According to the CBN, NFER (Net foreign exchange reserve) stood at $23.11 billion, a marked increase from $3.99 billion at year-end 2023, $8.19 billion in 2022, and $14.59 billion in 2021. NFER, which adjusts gross reserves to account for near-term liabilities such as FX swaps and forward contracts, is widely regarded as a more accurate indicator of the foreign exchange buffers available to meet immediate external obligations.

Gross external reserves also increased to $40.19 billion, compared to $33.22 billion at the close of 2023.

The increase in reserves reflects a combination of strategic measures undertaken by the CBN, including a deliberate and substantial reduction in short-term foreign exchange liabilities – notably 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.

READ ALSO:

• Police hunt for last suspect in LASU graduate killing
• Ebonyi governor orders arrest of six commissioners, LG chair over contract
• Saka’s stunning return powers Arsenal to victory over Fulham

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

“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,” Governor of the Central Bank of Nigeria, Olayemi Cardoso, commented. “We remain focused on sustaining this progress through transparency, discipline, and market-driven reforms.”

Reserves have continued to strengthen in 2025. While the first quarter figures reflected some seasonal and transitional adjustments, including significant interest payments on foreign-denominated debt, underlying fundamentals remain intact, and 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 CBN remains committed to prudent reserve management, transparent reporting, and macroeconomic policies that support a stable exchange rate, attract investment, and build long-term resilience.

CBN posts $23bn net FX reserve, strongest in three years

Petrol: Dangote refinery resumes loading trucks after payment

Dangote Petroleum Refinery has resumed loading of the Premium Motor Spirit, PMS, also known as petrol on trucks for oil marketers.

CFAO subsidiary LOXEA unveils BYD electric vehicles in Nigeria

A subsidiary of CFAO Mobility, LOXEA Nigeria, has introduced the BYD brand of electric vehicles to the Nigerian market.

LOXEA has thus become the pioneer in bringing the renowned electric vehicles (EVs) manufactured by BYD (Build Your Dreams) into the country.

BYD is a high-tech multinational company and the world leader in electric and plug-in hybrid vehicles.

“As a Fortune Global 500 enterprise, BYD relentlessly innovates to create a sustainable future,” said the automaker.

“In November 2024, BYD becomes the first company in the world to achieve the milestone with the roll-off of its 10-millionth NEV.

“BYD achieves 4.27 million new energy vehicle sales in 2024, claiming the global sales champion in the third consecutive year.”

Managing Director of LOXEA Nigeria, Mr. Mehdi Slimani, stated, “We are proud to distribute this type of electric vehicle and all its associated services.

“Our upcoming showroom in Victoria Island, Lagos will be a place dedicated to the discovery of BYD vehicles, combining modernity, comfort, and economy of use. “It is very important for CFAO Mobility in Nigeria to participate in this way in the country’s energy transition and support our customers who wish to make the switch to electric.”

Chief Executive Officer of CFAO Mobility, Marc Hirschfeld, spoke on the importance of this launch for both the company and the country, saying, “BYD is one of the world’s leading manufacturers of electric vehicles, with a level of innovation know-how that now matches the expectations of our markets in Africa.

“A whole new ecosystem has to be designed around mobility in African cities.

“This applies not only to individual and corporate customers, but also to stakeholders including urban public transport networks and government agencies.

LOXEA specialises in providing innovative mobility solutions across Africa.

With a commitment to sustainability and excellence, it delivers high-quality mobility services, from electric vehicle leasing to fleet management and infrastructure support.

LOXEA is a leading player in innovative mobility solutions in Africa, offering clients a range of 100% electric vehicles from BYD.

As a pioneer in the deployment of electric vehicle solutions across the continent, LOXEA is bringing to Nigeria a comprehensive suite of services associated with electric vehicles.

This includes the installation of electric charging stations, vehicle maintenance, repair services, and the provision of spare parts.

In addition to providing an inaugural charging station at the upcoming LOXEA Victoria Island showroom, the company is also offering an adaptable solution that allows customers to charge their EVs conveniently at home.

The company says more information on this can be obtained from its website: https://www.byd-nigeria.com/ .