Senate orders crackdown on bandits flaunting crime cash on TikTok

 

Abuja, Nigeria | By Prime Brief Media

Nigeria's external reserves have surged to approximately $50.3 billion, their highest level in 17 years, while the naira recorded gains across official market segments, as the Central Bank of Nigeria's revised Foreign Exchange Manual continues to reshape market dynamics.

Data released by the CBN indicates that the country's gross external reserves have continued their upward trajectory, climbing above the $50 billion threshold. The reserve position represents a remarkable improvement from the levels recorded a year earlier and marks the highest reserve accumulation in several years.

The fourth edition of the Foreign Exchange Manual, which took effect on June 1, 2026, represents a comprehensive overhaul of operational procedures governing foreign exchange transactions in Nigeria. The revised framework is expected to improve transparency, enhance market efficiency, deepen liquidity, strengthen compliance, and support a more predictable exchange rate environment.

The current reserve growth has been attributed to a combination of factors, including improved oil earnings, increased diaspora remittances, stronger foreign capital inflows, better exchange rate management, and ongoing monetary reforms introduced by the apex bank. Alongside rising reserves, the naira has also recorded notable gains. Recent data showed the local currency appreciating in the Nigerian Foreign Exchange Market (NFEM), with the exchange rate strengthening against the United States dollar.