Use rising foreign reserves to check cost of living, Nigerians urge FG

Experts have said stronger reserves can improve investor confidence, enhance the country’s ability to manage external shocks and provide greater flexibility in foreign exchange management.
The recent data from the Central Bank of Nigeria (CBN) shows that Nigeria’s foreign exchange reserves climbed to $50.11 billion in June, the highest since 2009.
This position strengthens the country’s external position and provides additional support for currency stability.
The rise reflects improved foreign exchange inflows and reinforces efforts to strengthen macroeconomic fundamentals.
According to Mr. Yemi cardoso, governor of the Central Bank of Nigeria   (CBN), the rise in foreign reserv...