Nigeria's External Reserves Surge by 12% to $41.663 Billion, CBN Reports Growth

Nigeria's external reserves have surged by 12% to $41.663 billion, the highest level since November 2021, driven by increased investor confidence and remittance value. The Central Bank of Nigeria (CBN) reported a continuous rise in reserves for the 10th consecutive week, reaching a significant milestone.

The growth in reserves provides a crucial buffer against external vulnerabilities, volatile oil prices, and currency pressures. Governor of the CBN, Olayemi Cardoso, highlighted the positive impact of inflows from Nigerians in the diaspora on the reserves.

This increase enhances the CBN's capacity to intervene in the foreign exchange market, contributing to economic stability.