Nigeria’s foreign exchange pressures have eased significantly, with the country’s international reserves reaching an 18-year high and the current account surplus rising by 67.9%, according to the Central Bank of Nigeria (CBN).
The CBN governor attributed a portion of the improvement in Nigeria’s external buffers to diaspora remittances, noting that these inflows have played an important role in strengthening the country’s economic resilience.
The strengthening of the current account surplus and the accumulation of reserves signal a positive shift in the nation’s external sector performance, reducing the immediate strain on the naira and improving the availability of foreign currency for essential imports.
While the specific drivers of the 67.9% increase in the current account surplus were not detailed in the immediate statement, the CBN highlighted the broader stabilization of the exchange rate environment as a key factor in the recent trend.
These developments underscore the impact of sustained inflows from the diaspora, which have become a critical component of Nigeria’s foreign exchange earnings alongside traditional sources such as crude oil exports.
<small>Source: Premium Times Nigeria — read the original story there.</small>
