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NIGERIA'S FOREIGN RESERVES
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has announced that volatility in the foreign exchange (FX) market has declined significantly, falling below 0.5%, as Nigeria’s monetary and fiscal reforms begin to stabilise the macroeconomic environment.
The Naira depreciated to N1,612/$1 at the official Nigerian Foreign Exchange Market (NFEM) on Wednesday, May 7, 2025, down from N1,609/$1 recorded on Tuesday, May 6, 2025, according to data from the Central Bank of Nigeria (CBN).
The Nigerian economy is suffering from a lack of foreign exchange as currency traders continue to complain about limited forex liquidity, forcing the local currency to decline more in the FX market
President Muhammadu Buhari has made currency stability a key pillar of his plan to revive an economy still reeling from the collapse of oil prices in 2014.
The Federal Government of Nigeria (FGN) has disclosed that the country’s foreign reserve is expected to increase by $150 billion in the next 10 years through the ‘Zero oil plan’ initiative.
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.
In its continued intervention in the foreign exchange market, the Central Bank of Nigeria (CBN) injected a cumulative sum of $2.04 billion to further sustain the improved liquidity and relative stability in the market.
Data from the Central Bank of Nigeria has shown that Nigeria's external reserve rose to $44 billion at the end of March 2019.
The Central Bank of Nigeria (CBN) has attributed the decline in reserves to concerns in emerging markets. Spokesperson of the apex...
Foreign exchange reserves in Nigeria increased from $47,492,639,432 at the end of April 2018 to stand at $47,622,706,934...