Nigeria’s net foreign exchange (FX) reserves have experienced a remarkable increase under President Bola Ahmed Tinubu.
According to the Central Bank of Nigeria (CBN), it rose from $3.99 billion at the end of 2023 to $23.19 billion in 2024.
This represents the highest level recorded in over three years.
The CBN attributed the surge to strategic policy interventions aimed at stabilizing the forex market and boosting investor confidence.
Among the key measures implemented were a significant reduction in short-term foreign exchange liabilities, efforts to enhance non-oil forex inflows, and policies promoting financial stability.
Since assuming office in May 2023, President Tinubu’s administration has prioritized economic reforms, including exchange rate unification and policies to attract foreign investments.
The increase in FX reserves has shown a positive shift in Nigeria’s external financial position.
It has potentially strengthened the naira, improving liquidity in the forex market.
Financial experts have noted that the sustained rise in reserves could bolster Nigeria’s ability to meet external obligations and support economic growth.
However, they also stress the need for continued structural reforms to ensure long-term stability.
