Nigerian Naira Gains 0.5% as External Reserves Rise: CBN Optimistic on Exchange Rate Reforms
The Nigerian Naira appreciated by 0.5% to close the week at N1,417 per dollar, supported by a rise in external reserves to $45.86 billion. The Central Bank of Nigeria (CBN) expressed optimism about ongoing exchange rate reforms to bolster reserves.
The Nigerian Economic Summit Group (NESG) highlighted the country's highest reserves level in years, emphasizing the need for sustained market liberalization and transparency to support currency stability and enhance access to foreign exchange. However, the NESG warned of vulnerabilities due to potential global oil price fluctuations in 2026.
Plus234Feed summary based on reporting from Legit.ng. Read the original report below.
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