By Muhammad Mamman
Nigeria’s foreign exchange reserves have risen by $4.39bn over the past year, signalling a firmer external position and improved foreign currency inflows into the economy.
According to new data from the Central Bank of Nigeria (CBN), the reserves—an important buffer for the naira and a key indicator of the country’s ability to meet international financial obligations—recorded steady growth driven by higher crude oil receipts, renewed investor confidence, and increased diaspora remittances.
Analysts say the uptick reflects ongoing monetary and fiscal reforms aimed at stabilising the economy and attracting foreign capital. The appreciation in reserves is also expected to strengthen the CBN’s capacity to intervene in the forex market when necessary, helping to ease pressure on the naira.
Economists, however, caution that sustaining the momentum will require consistent export growth, improved crude oil production, and reduced import dependence.
The CBN is yet to issue a detailed breakdown of the inflows, but officials have hinted that further improvements are expected in the coming months as policy adjustments continue to take effect.
