Nigeria’s external reserves have surged to $53.11bn, nearing a 17-year high last seen in 2009. The reserves are now just $142 million shy of the 2009 peak, marking a significant recovery. This growth, accelerated since June, is attributed to stronger oil earnings and increased dollar inflows. Analysts believe the stronger position enhances Nigeria’s resilience against external shocks and boosts confidence in the forex market.
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