Nigeria FX pressures ease as reserves hit 18-year high, current account surplus jumps 67.9%

Nigeria's central bank reports foreign reserves at an 18-year high and a 67.9% rise in the current account surplus, attributing gains to diaspora remittances. This marks a notable reversal from prior FX stress, though sustainability depends on oil prices and portfolio flows. The development signals improved external buffers and reduced near-term currency depreciation risk.