Nigeria's $52.7bn Reserves and Rallying Naira Face Election Headwinds and Security Headaches

Nigeria's external reserves surged $7.09 billion year-to-date to reach $52.66 billion as of August 19, per Central Bank data, giving the monetary authority its strongest FX firepower in years. The naira is tracking toward multi-month highs of N1,343–N1,346 per dollar, supported by a weakening US dollar index trading near a five-month low at 98.88. Higher crude oil earnings from elevated global prices and improved portfolio flows have underpinned the...