Nigeria’s external reserves have seen a significant increase, growing by 12% to reach $41.663 billion, their highest level since November 2021.
This positive trend is a result of improved investor confidence and a surge in remittances from Nigerians living abroad.
The reserves have now been on a steady rise for ten consecutive weeks, signaling greater economic stability.
According to the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, diaspora remittances have tripled in recent months, climbing from $250 million to $600 million monthly.
He projects that this figure could reach one billion dollars per month by the next year.
This increase in foreign currency inflow has helped strengthen the naira, which has appreciated against the dollar in both the official and unofficial foreign exchange markets.
Analysts believe that the naira will likely remain stable in the near term, thanks to continued improvements in foreign exchange liquidity and anticipated capital inflows.
