Nigeria, April 2 -- Nigeria's Net Foreign Exchange Reserve (NFER) has surged to $23.11 billion, its highest level in over three years, according to a statement released by the Central Bank of Nigeria (CBN) on Tuesday.

Net Foreign Exchange Reserve (NFER) is the portion of a country's foreign exchange reserves that remains after deducting short-term liabilities such as FX swaps and forward contracts. It represents the actual reserves available for meeting immediate external obligations.

The latest figure marked a sharp rise from $3.99 billion at the end of 2023, showing improved external liquidity, reduced short-term obligations, and renewed investor confidence.

The NFER, which accounts for near-term liabilities such as FX swaps and forw...