Nigerian banks have regained their footing in the foreign exchange market, with net foreign assets (NFA) rising to the highest level in over a decade, thanks to sweeping currency reforms that have increased market liquidity and eased funding pressures.
According to a joint report by Fitch Ratings and Renaissance Capital Africa, the banking sector’s NFA rebounded to $7.7 billion by the end of 2024, reversing years of negative balances that once forced lenders to lean heavily on the Central Bank of Nigeria (CBN) and correspondent banks to sett
