Nigeria’s foreign exchange reserves have reached a new high of $34.7 billion, according to data released by the Central Bank of Nigeria (CBN) on Sunday, marking a significant increase of $110 million from the previous day and a total gain of $316 million since the beginning of July.
This growth is attributed to several factors, including rising oil prices, improved diaspora remittances, and the CBN’s efforts to stabilize the currency.
Experts view the increase in foreign exchange reserves as a positive development for Nigeria’s economy, providing a cushion against external shocks and supporting the country’s ability to meet its financial obligations.
Fitch Ratings recently upgraded Nigeria’s economic outlook to positive, citing significant reforms that have restored macroeconomic…
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