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Outlier Brief archive
FX & External

FX Reserves and the Stability Trade: How Durable Is the Calm?

11 Jun 2026·5 min read

Gross reserves at ~$49.5bn and improved FX liquidity underpin the naira's calm. But reserve-backed stability is conditional on the very flows — oil receipts, remittances, portfolio capital — that can reverse. Here's what to monitor.

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