External reserves depletes by $180m in two weeks

Foreign reserves shed $2.3bn in H1 amid rising oil price

External reserves depletes by $180m in two weeks     The Central Bank of the Nigeria (CBN) has revealed that the country’s external reserves lost $180 million in two weeks. According to the figures, the reserves, which stood at $33.28 billion on July 1, dropped to $33.09 billion as of July 12 before gaining slightly to rise to $33.1 billion on July 15. The reserves lost $905.5 million in June, after it fell to $33.32 billion at the end of June 30 from $34.23 billion on May 31. The reserves…

Read more

Despite ongoing Naira-4-Dollar Scheme, external reserves dropped to $34.24bn in May

Foreign reserves shed $2.3bn in H1 amid rising oil price

Despite ongoing Naira-4-Dollar Scheme, external reserves dropped to $34.24bn in May   Nigeria’s external reserves lost $640 million in May, falling to $34.24 billion on May 28 from $34.88 billion as of April 28. This is despites the ongoing Nair -4-Dollar initiative introduced by the Central Bank of Nigeria to attract more inflow of hard currencies into the country through diaspora remittances. Figures obtained from the Apex bank on Tuesday revealed that the reserves had been fluctuating in recent weeks. Speaking on the decline at the recent Monetary Policy Committee…

Read more

External reserves drop by $523m in two weeks

Foreign reserves shed $2.3bn in H1 amid rising oil price

External reserves drop by $523m in two weeks   Nigeria’s external reserves dropped by $523m to $34.475bn as of March 16 from $34.998bn as of March 1, figures from the Central Bank of Nigeria revealed on Wednesday. The reserves, which had continued a downward trend of recent, lost $1.1bn in February, after it dropped from $36.19bn as of February 1 fell to $35.09bn as of February 26. The CBN had recently stated that Nigeria’s external reserves at $35bn was sufficient to finance the country’s seven months’ imports. When the reserves…

Read more

External reserves shed $565m in 14 days

Naira falls to N505 per dollar at parallel market

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…

Read more

External reserves rise by $930m in two weeks

Foreign reserves shed $2.3bn in H1 amid rising oil price

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,…

Read more

CBN’s forex reserves inch up to $35.4bn

Foreign reserves shed $2.3bn in H1 amid rising oil price

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…

Read more