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Nigeria’s net foreign exchange reserves reached $23.11 billion at the end of 2024, the highest in three years, showing a strong external financial position after a sharp recovery from previous years. The growth was attributed to reduced short-term liabilities, deliberate reforms, and increased non-oil forex inflows. Despite a dip in Q1 2025 due to debt interest payments, the Central Bank of Nigeria anticipates a steady climb in reserves driven by higher oil production and non-oil export earnings, with gross external reserves rising to $40.19 billion from $33.22 billion the previous year.
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