The recent surge in global oil prices is providing a much-needed boost to the Central Bank of Nigeria’s efforts to stabilise the naira and rebuild the country’s foreign exchange reserves.
The naira on Monday appreciated further to close at N1,544.62, marking a slight gain of 0.3 percent compared to N1,549.35, closed on Friday at the Nigerian Foreign Exchange Market (NFEM), according to data published by the CBN.
Although the recent oil price rally has not yet reflected in external reserves accretion, higher crude earnings offer a promising outlook for Nigeria’s fiscal and external positions.
