By Aduragbemi Omiyale

The Central Bank of Nigeria (CBN) on Tuesday revealed that its Net Foreign Exchange Reserves (NFER) position stood at $23.11 billion as of December 31, 2024, as gross external reserves also increased to $40.19 billion from $33.22 billion at the close of 2023.

In a notice yesterday, the apex bank said this was its highest NFER in more than three years, as it was higher than the 2023, 2022, and 2021 figures by $3.99 billion, $8.19 billion, and $14.59 billion, respectively.

It noted that the latest NFER only shows a substantial improvement in the country’s external liquidity, reduced short-term obligations, and renewed investor confidence.

The banking sector watchdog disclosed that the expansion occurred even as it continues to reduce short-term liabilities, thereby improving the overall quality of the reserve position.

The CBN stated that the rise in reserves reflects a combination of strategic measures it has undertaken, including a deliberate and substantial reduction in short-term foreign exchange liabilities – notably swaps and forward obligations.

The strengthening was also spurred by policy actions to rebuild confidence in the FX market and increase reserve buffers, along with recent improved foreign exchange inflows – particularly from non-oil sources.

The result is a stronger and more transparent reserves position that better equips Nigeria to withstand external shocks.

“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.

“We remain focused on sustaining this progress through transparency, discipline, and market-driven reforms,” the Governor of the central bank, Mr Olayemi Cardoso, commented.

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.

Reserves have continued to strengthen in 2025. While the first quarter figures reflected some seasonal and transitional adjustments, including significant interest payments on foreign-denominated debt, underlying fundamentals remain intact, and reserves are expected to continue improving over the second quarter of this year.

Going forward, the CBN anticipates a steady uptick in reserves, underpinned by improved oil production levels, and a more supporting export growth environment expected to boost non-oil FX earnings and diversify external inflows.

By Aduragbemi Omiyale

Customers of a mid-level commercial bank in Nigeria, FCMB Limited, are finding it difficult to use their debit cards to complete their financial transactions, Business Post has learned.

However, the management of the company has apologised for this service downtime, noting that it is working effortlessly to resolve the issues.

For the past hours, FCMB customers have been unable to seamlessly use the debit cards issued by the lender to carry out transactions, leaving some of them frustrated.

While reacting to this problem, the bank said it was aware of the glitch, advising them to use any of its alternative channels like the *329# code, FCMB Mobile app and FCMB online for their transactions in the meantime as it makes efforts to resolve the issue.

“You may have been experiencing issues transacting with our debit cards. Please note that we are working quickly to fix it, and we’ll be back up in no time.

“In the meantime, please use our alternative channels for your transactions.

“Thank you for your patience and thank you for choosing FCMB,” the statement from the bank, which apologised “for all inconveniences experienced,” disclosed.

By Aduragbemi Omiyale

Customers of Guaranty Trust Holding Company (GTCO) Plc have been assured of sustained cutting-edge financial solutions as the management continues to unlock new opportunities and create more value for shareholders.

The chief executive of GTCO, Mr Segun Agbaje, gave this assurance while reacting to the financial performance of the organisation for 2024.

The company over the weekend released its 2024 full year audited results to the investing public through the Nigerian Exchange (NGX) Limited.

In the year ended December 31, 2024, the financial institution reported a profit before tax of N1.3 trillion, representing an increase of 107.8 per cent over the N609.3 billion recorded in the corresponding year.

This performance reflects not just strong earnings but also the quality and sustainability of our earnings, underpinned by a well-diversified revenue base, robust risk management practice, and disciplined capital management.

It also posted growth across all financial and non-financial metrics, and continues to maintain a well-structured, healthy, and diversified balance sheet.

The loan book (net) increased by 12.3 per cent to N2.79 trillion from N2.48 trillion, as deposit liabilities grew by 37.8per cent to N10.40 trillion from N7.55 trillion, and total assets and shareholders’ funds closed at N14.8 trillion and N2.7 trillion, respectively.

Business Post reports that a final dividend of N7.03 per share was proposed by the board of GTCO to shareholders, bringing the total cash reward for the year to N8.03 per share.

“Our strong performance for 2024 underscores the resilience and depth of our business, driven by a well-diversified earnings base across our banking and non-banking subsidiaries, all of which are P&L positive.

“Our capacity to generate sustainable high-quality earnings, maintain strong asset quality, and drive cost efficiencies reflects the soundness of our long-term strategy and disciplined execution.

“We have also prudently provided for all our forbearance loans, well ahead of the June 2025 timeline, whilst fully accruing for the windfall tax, further strengthening our balance sheet and enhancing financial resilience.

“The total dividend of N8.03 for the 2024 FYE is underpinned by the quality of our earnings and is in line with our long tradition of increasing dividend pay-out year-on year,” Mr Agbaje stated.

“Looking ahead, we remain committed to building a Financial Services Group that thrives on innovation, operational efficiency, and sustainable profitability.

“We will continue to deepen our relationships with customers, leverage technology to deliver cutting-edge financial solutions, and accelerate the growth of all our business verticals—banking, funds management, pension, and payments—to unlock new opportunities and create more value for our shareholders,” he added.