Naira depreciated against the US Dollar on Friday as it closed at N411 to a dollar at the NAFEX window as oil price rallies to $69.36...
Increased oil prices seem not to have stopped the further slide in Nigeria's foreign reserves.
The CBN Governor has insisted that Nigeria’s current external reserves is sufficient to cover 7 months of imports of goods and services.
Forex turnover dropped from $90.88 million on Wednesday, June 24, 2020, to $14.68 million on Thursday, June 25, 2020, representing a decline of 83.8%
It should be noted that Nigeria’s external reserves went on a downward slide last year, having lost $11.75 billion within a space of 10 months.
Nigeria’s external reserves have continued to decline unabated as it shed $3.33 billion within the last 3 months.
Analysts have predicted the foreign reserves to fall below $30 billion if some measures are not taken.
Nigeria's external reserves have rallied and hit $45bn mark in May 2019, which represents 8months high. This is revealed in data obtained on the Central Bank...
Nigeria's External Reserve was $43,084,864,561 as at December 20th, 2018.
the external reserves currently stands at $42.92 billion as at Tuesday, October 16,