CBN Reform Payoff Shows Up in the Numbers, But the Street Still Isn't Convinced

$52.5 billion — Nigeria's foreign reserves just hit a 17-year high, a number the Central Bank is calling proof that its reform playbook is finally working. As of July 17, reserves exceeded the CBN's annual target, fueled by sustained capital inflows and what officials describe as "renewed investor confidence." The naira's gap with parallel market rates has narrowed to below 2%, suggesting the forex market is finding its footing after years of volatility.

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