Nigeria's Foreign Reserves Hit $46 Billion, Highest Level Since 2018

Nigeria's Central Bank announced that the nation's foreign reserves have exceeded $46 billion, the highest level recorded since 2018. Dr.

Muhammad Abdullahi, the Deputy Governor in charge of economic policy, disclosed this achievement during the 20th-anniversary celebration of the Monetary Policy Department in Abuja. The CBN Governor highlighted the significance of this milestone as a turning point in the bank's policy reform efforts.

The increase in reserves is attributed to improved oil receipts, stronger portfolio inflows, and ongoing reforms stabilizing the foreign exchange market. Additionally, Nigeria's macroeconomic outlook has strengthened, with improvements in inflation rates and a more stable currency.