Nigeria's External Reserves Reach $46.7 Billion, Boosting Naira Amid Strong Inflows

Nigeria's external reserves surged to $46.7 billion, supporting the Naira stability as foreign exchange inflows hit a six-month high. The Central Bank of Nigeria reported a slight depreciation of the Naira against the dollar, while the parallel market saw a slight appreciation.

Tilewa Adebajo of CFG Advisory attributed the rise in reserves to the government's Eurobond issuance, attracting offshore investors seeking higher yields. FMDQ data showed a significant increase in foreign exchange inflows, reflecting Nigeria's growing appeal to investors.