Nigeria builds buffers to brace against uncertainty

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The Bank of Nigeria outlined plans to boost its external reserves buffer in the minutes of its latest Monetary Policy Committee meeting, published today (September 25).

In the meeting, held on September 17 and 18, members said the country's tight monetary policy regime and high oil prices presented the opportunity to build up the external reserve buffer and protect the domestic economy from global uncertainty.

The committee said another policy challenge was the potential inflow of "hot money"

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