Tag
FX RESERVES
The foreign exchange story in Nigeria is never short of drama.
The African Development Bank (AfDB) has flagged Nigeria’s rising debt costs, stating that the country is projected to spend 75% of its revenues on interest payments in 2025.
Nigeria spent over $2.01 billion on external debt servicing between January and April 2025, marking a 50% jump...
Nigeria’s gross foreign exchange (FX) reserves fell by $2.57 billion from January to March 2025, marking a 6.29% decrease over the three-month period.
Nigeria’s foreign exchange reserves declined significantly in two weeks this January 2025, falling by $832.62 million between January 6 and January 21.
Nigeria’s foreign exchange (FX) reserves have recorded an increase of $591.78 million in the month following the government’s $2.2 billion Eurobond auction on December 2, 2024.
Nigeria’s foreign exchange (FX) reserves rose by $621.2 million in 10 days following the successful sale of a domestic dollar bond.
The special adviser to the President on Information and Strategy, Bayo Onanuga, said Nigeria was spending a whooping sum of $1.5 billion monthly to peg foreign exchange before Tinubu’s unification policy in June 2023.
Nigeria's foreign exchange (FX) reserves have increased by approximately $535 million over the past 28 days, as the official market continues to grapple with a scarcity of dollars.
Ajuri Ngelale, the spokesperson for President Bola Tinubu on Media and Publicity, stated that the previous president, Muhammad Buhari, was unaware of the foreign reserves' depletion by the former Central Bank Governor, Godwin Emefiele.
S&P Global Ratings agency has downgraded Nigeria from stable outlook to negative.
Of all recent government policies the recent closure of the border with the Republic of Benin to goods is having the most immediate effects on prices.