LAGOS/ABUJA, Aug 17 (Reuters) – Nigeria’s naira strengthened against the U.S. dollar last week as the country’s external reserves climbed to their highest level in 17 years, boosting the central bank’s capacity to keep the currency stable.
The naira closed the week at 1,357.61 per dollar on the official market, up 8.08 naira from the previous week, according to figures from the Central Bank of Nigeria.
External reserves rose to $52.25 billion, a 17-year high and a gain of roughly 28% from a year earlier, the data showed.
The Central Bank of Nigeria also unveiled a fresh round of financial market reforms alongside the reserves milestone. These include widening access for non-bank investors to Open Market Operations securities, among other measures aimed at deepening the money and FX markets.
The reserves buildup extends a rally that has taken hold through 2026, with the central bank crediting stronger crude oil revenues, export earnings and capital inflows, along with a series of structural reforms including banking-sector recapitalisation and the introduction of new FX trading platforms.
