Nigeria’s external position improves as reserves reach reported 18-year high
The Central Bank of Nigeria says foreign-exchange pressures have eased as reserves reached an 18-year high and the current-account surplus rose 67.9%. The governor also credited diaspora remittances with strengthening Nigeria’s external buffers, according to Premium Times.
Foreign-exchange pressures in Nigeria have eased as the country’s reserves reached an 18-year high, according to figures attributed to the Central Bank of Nigeria by Premium Times. The CBN also reported that the current-account surplus increased by 67.9%. The supplied material does not state the value of the reserves, the period covered by the comparison or the level of the previous surplus.
The central bank governor attributed part of the improvement in Nigeria’s external buffers to diaspora remittances. He said remittances had played an important role in strengthening the country’s resilience. The available report does not provide the value of remittances, explain how reserves changed over the period or identify the specific factors behind the easing of foreign-exchange pressures beyond the governor’s reference to remittance inflows.
It also does not include reactions from businesses, households or financial analysts. The figures and explanation supplied describe an improvement in Nigeria’s external position, but do not establish how long the trend will continue.
This independently written report is based on information supplied by the named publisher. Vertrix News has not independently verified the source report.