$23bn net foreign exchange reserves 'll stablise exchange rate- Uwaleke

The CBN recently revealed that the NFER stood at 23.11 billion dollars at the end of 2024, their highest level in three years. The apex bank said that the development signalled a major improvement in the country's external financial position. It said that the NFER, which adjusts gross reserves to account for near-term liabilities such as currency swaps and forward contracts, stood at 3.99 billion dollars at the end of 2023.According to the CBN Governor, Yemi Cardoso, the improved position was due to substantial reduction in short-term foreign exchange liabilities, notably swaps and forward obligations.
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