- Data Shows Jonathan Left $34.4bn in Foreign Reserves in 2015!
By Abiola Olawale
The Central Bank Governor, Yemi Cardoso has announced what he called a milestone in the nation’s economic recovery, revealing that Nigeria’s Net Foreign Exchange Reserve (NFER) climbed to $23.11 billion as of the end of 2024.
According to the apex bank, this figure represents the highest level in over three years and represents an improvement in the country’s financial stability and external liquidity.
In a statement released by the CBN, the net reserves surged from $3.99 billion at the close of 2023, and also from the previous year’s figures of $8.19 billion in 2022 and $14.59 billion in 2021. This is coming against the backdrop of criticism by experts who reveal that successive APC led government squandered a hefty foreign reserves of $ 45 billion and an additional $22.6 billion left behind by the administration of former President Olusegun Obasanjo in 2007. Additionally, they wonder what happened to a reported $ 34.49 billion foreign reserves in 2015 as at the time Jonathan left office.
Recall that Oby Ezekwelisi , a former minister of Education during the administration of Obasanjo has been critical,arguing that successive governments after Obasanjo squandered about $27 billion from the monies left behind by the Obasanjo administration in 2007.
In a related development, reports show that as at 2015 when Jonathan left office, the country’s foreign reserve stood at $34.5nillion.
Meanwhile, 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.
Also, according to the CBN data, gross external reserves increased to $40.19 billion, compared to $33.22 billion at the close of 2023.
The CBN added that the increase in reserves reflects a combination of strategic measures undertaken by the apex bank, including a deliberate and substantial reduction in short-term foreign exchange liabilities, notably swaps and forward obligations.
CBN Governor Cardoso who hailed the development as a testament to strategic reforms said it is a move in the right direction.
“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,” Cardoso stated.
He also emphasized the bank’s commitment to sustaining this progress through transparency and market-driven initiatives.
