Nigeria's Foreign Reserves Hit 4-Year High, Naira Gains Against Dollar

Nigeria's foreign reserves have reached a four-year high, surpassing $41 billion for the first time since 2021. The Central Bank of Nigeria (CBN) disclosed the increase, highlighting the strengthening of the country's capacity to defend its currency.

Analysts noted a significant inflow into Nigeria's FX market in July, indicating renewed investor confidence. The rise in reserves led to a marginal appreciation of the naira against the US dollar.

The steady growth in reserves reflects positive investor sentiment and stability in global macroeconomic conditions, contributing to a more robust foreign exchange market in Nigeria.