Nigeria: Reserves Recovery, Cautious Disinflation, and Ratings Trifecta — Fundamentals Strengthen

Nigeria enters the week of August 18 with a sharply improving macroeconomic picture: inflation at 15.43% in July 2026, foreign exchange reserves above $52.73 billion (a 17-year high), and a current account surplus of $4.98 billion in the first quarter. Three agencies have upgraded the sovereign rating in twelve months, but the 2026 federal budget deficit remains well above the 3% legal limit.