By: Sam Diala, Joy Onourah
July 19, (THEWILL) — For the first time in several years, the Central Bank of Nigeria (CBN) possesses a significantly larger arsenal to defend the naira without resorting to administrative controls that previously distorted the foreign exchange market. The stronger reserve position has also improved Nigeria's ability to meet external obligations, finance imports and reassure international investors about the country's macroeconomic stability.












