The Central Bank of Nigeria (CBN) reported that the country’s foreign exchange reserves have reached US $46.7 billion, the strongest level since 2018.

This rise is largely attributed to FX market reforms, stronger oil receipts, and improved investor confidence.

Inflation is moderating: headline inflation dropped to 16.05% in October, while core and food inflation also eased.

The reserve build-up strengthens Nigeria’s external buffer and enhances the CBN’s capacity to manage currency risks. Visit www.jocomms.com for more news.