CBN says Nigeria’s external position improved as reserves reach 18-year high
Nigeria’s central bank governor said foreign-exchange pressures had eased as the country’s reserves reached an 18-year high and its current-account surplus increased by 67.9 per cent. He attributed part of the stronger external position to diaspora remittances, according to Premium Times.
Foreign-exchange pressures in Nigeria have eased as the country’s reserves reached an 18-year high, according to the Central Bank of Nigeria governor as cited by Premium Times. The governor also said the current-account surplus had risen by 67.9 per cent. Together, the developments were presented as signs of an improved external position and stronger economic resilience.
He attributed part of the improvement in Nigeria’s external buffers to diaspora remittances, saying inflows from Nigerians abroad had played an important role in strengthening the country’s position. The supplied material does not state the value of the reserves, identify the period covered by the current-account comparison or give the size of remittance inflows. It also does not provide further details on the factors behind the reduction in foreign-exchange pressures.
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