Nigeria’s foreign reserves rise to $52.5bn, highest in 17 years

Nigeria’s foreign reserves have surpassed $52.5 billion, their highest level in 17 years, the Central Bank of Nigeria said Tuesday. CBN’s Hakama Sidi Ali attributed the growth to renewed investor confidence and sustained capital inflows, noting the naira-BDC exchange rate gap has narrowed below 2%. Headline inflation eased slightly to 15.91% in June, driven by monetary tightening and improved foreign exchange market transparency under Governor Olayemi Cardoso.

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