External reserves shed $565m in 14 days

External reserves

External reserves shed $565m in 14 days     The country’s external reserves dipped by $565 million from $36.198 billion as of February 1, to $35.633 billion as of February 15, latest figures from the Central Bank of Nigeria (CBN) have shown. The reserves which had gained in recent weeks started a downward trend on January 26 on which date it declined to $36.34 billion. Figures obtained from the CBN showed that the reserves, which commenced the year at $35.65 billion rose to $36.52 billion as of January 25. At…

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External reserves rise by $930m in two weeks

CBN defends naira

External reserves rise by $930m in two weeks   The country’s external reserves rose by $930 million from $35.37 billion as of December 31, 2020 to $36.30 billion as of January 14, 2021. Figures obtained from the Central Bank of Nigeria (CBN) have shown. This is in line with an earlier projection by Fitch Rating that the reserves could hit $42 billion by the end of 2021 The CBN also disclosed that foreign exchange inflow through the bank in the third quarter of 2020 stood at $6.97 billion. It said,…

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CBN’s forex reserves inch up to $35.4bn

CBN defends naira

CBN’s forex reserves inch up to $35.4bn   The nation’s external reserves rose to $35.4billion as at December 30 from $34.98 billion recorded as at December 24, data obtained from the Central Bank of Nigeria (CBN) shows. This means that the reserves have increased by $531.3million since December 17, when they stood at $34.8billion. It also means that after heading south for most part of the year, due to the sharp drop in the price of oil(the commodity that accounts for about 90 per cent of Nigeria’s export earnings) and…

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