The Central Bank of Nigeria has declared the nation’s external reserves have grown by $4.47 billion within a space of three months, marking it a 12% increase .
This has further boost the reserves to their highest level since November 2021. According to the Apex bank, the growth is linked to stronger investor confidence and steady inflows from Nigerians living abroad who send money home.
The significant rise in reserves is a positive sign for Nigeria’s economy growth, as it further strengthens the country’s ability to support the country’s currency, manage imports, and more importantly meet foreign obligations.
Meanwhile Economic experts analysed that this development could encourage more stability and attract new investments.
More importantly Citizens and businesses will also benefit from the improved confidence in the financial system if the growth trend continues.
@cenbank @NigeriaGov @BusinessDayNg @Nairametrics @FinMinNigeria
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