Nigeria’s external reserves have crossed $45.04 billion, marking one of the strongest positions the country has recorded in six years.

In spite of fluctuation in oil price, Nigeria’s external reserves surged to $42.696 billion last week, and the market anticipates additional inflows to lift the balance this week.

Nigeria’s financial outlook opened the month of July with an encouraging sign as the naira recorded a slight appreciation against the United States dollar, accompanied by a modest but meaningful rise in the country’s external reserves.

Gold, Grit and Vision: How Cardoso is Pushing Nigeria’s Reserve Reawakening, by Rahma Olamide Oladosu   In a time when confidence in economic governance often hangs by a thread, the Central Bank of Nigeria’s recent decision to diversify the country’s external reserves away from an overwhelming...

Moody’s Upgrades Nigeria’s Rating to B3, Cites Improved Reserves   Moody’s has upgraded Nigeria’s rating by a notch to ‘B3’ from ‘Caa1,’ citing significant improvements in the country’s external and fiscal positions. The credit ratings agency revised Nigeria’s outlook to ‘stable’ from “positive’ as it expects recent...

External Reserves Record $424.68 million Increase Nigeria’s external reserves recorded an increase of $424.68 million between August 30 and September 10, highlighting an improved financial outlook for the country. Data sourced from a report by the Central Bank of Nigeria (CBN) and analysed on Thursday showed...