The naira weakened across segments of the foreign exchange market on Tuesday, even as Nigeria’s external reserves climbed to a 13-year high of $50.45 billion, underscoring the currency’s continued fragility despite stronger external buffers.
The Central Bank of Nigeria (CBN) said gross external reserves rose to $50.45 billion, bolstering confidence in the country’s foreign exchange position and signalling improved liquidity conditions.
Olayemi Cardoso, Governor of the CBN, disclosed this at the end of the 304th Monetary Policy Committee (MPC) meeting in Abuja. He said the current reserve level is sufficient to provide about 9.68 months of import cover, offering a stronger cushion against external shocks.
