Nigeria’s foreign exchange pressures have receded as the country’s foreign reserves reached an 18-year high, according to the Central Bank of Nigeria (CBN). The monetary authority also reported a significant improvement in the nation’s external buffers, with the current account surplus rising by 67.9%.
The CBN governor attributed part of this positive shift in external economic indicators to contributions from the diaspora. He stated that remittances from Nigerians abroad had played an important role in strengthening the country’s overall economic resilience.
These developments mark a notable improvement in Nigeria’s external position, highlighting the impact of sustained inflows on the nation’s financial stability. The rise in reserves to an 18-year peak underscores the effectiveness of recent measures in bolstering the country’s foreign exchange position.
The substantial increase in the current account surplus further supports the view that Nigeria’s external sector is stabilizing. This growth, quantified at 67.9%, reflects a stronger balance of payments profile for the West African nation.
By citing diaspora remittances as a key driver, the CBN highlights the critical role of the global Nigerian community in supporting domestic economic fundamentals. The central bank’s assessment suggests that these inflows continue to serve as a vital pillar for the country’s macroeconomic resilience.
<small>Source: Premium Times Nigeria — read the original story there.</small>
