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FOREIGN RESERVES
As most countries hunker down into some form of isolation to battle COVID-19, financial markets have been hit by a severe bout of risk-off sentiments.
Latest data obtained from the CBN reveals that Nigeria paid a whopping sum of $4.45 billion as external debt service/payment in the first two months of 2020.
The Executive Director/CEO of NEPC, Olusegun Awolowo disclosed that Nigeria plans to increase its foreign reserve by $150 billion over the next 10 years.
The country’s foreign reserves dropped by $4.45 billion from the $43.07 billion recorded in January 2019 to $38.61 billion in December 2019.
Nigeria’s foreign reserves depleted by $1 billion in August 2019, this is reflected in data published on the Central Bank of Nigeria (@cenbank) website. According to the CBN, the foreign grossly depleted and currently stands at $44 billion
As concerns grow among foreign investors over the state of Nigerian economy following the recent $9 billion court ruling, the Central Bank of Nigeria (CBN) governor, Mr Godwin Emefiele has vowed to defend the foreign reserves.
A British court has granted an Irish Firm, Process and Industrial Developments Ltd (P&ID) the right to seize $9 billion in assets from the Nigerian Government over a failed gas project.
Nigeria’s external reserves have continued to drop in recent weeks and officially slipped below $45 billion, the height it climbed just barely two months ago
Nigeria's foreign reserves depleted to 6 weeks low in July. This is reflected in the latest data released by the Central Bank of Nigeria (CBN) on its website.
CBN exposes reason behind Nigeria's most recent drop in foreign reserves.