Punch Newspapers·2 min read·medium
Nigeria's External Reserves Hit $53.11bn, Near 2009 Record
O
Odinaka Anudu
✦AI Summary
Nigeria's external reserves have reached $53.11 billion, the highest level since 2009, driven by increased oil earnings and dollar inflows. Economists suggest this provides a stronger buffer against external economic shocks.
Why it matters
A robust reserve position is vital for Nigeria's macroeconomic stability and investor confidence in the foreign exchange market.
Central Bank of Nigeria building. Photo: CBN
businesseconomy
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