FeaturedAfrica

Nigeria’s external reserves hit $53.11bn, near 2009 record

Nigeria's external reserves have reached $53.11 billion, the highest in over 17 years and nearing the 2009 peak. This buildup is attributed to stronger oil earnings and increased dollar inflows.

Why it matters

The substantial increase in Nigeria's external reserves offers a critical buffer against external economic shocks and aims to restore confidence in the foreign exchange market, which is vital for economic stability and growth.

punchng.com
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