01

Sep

External Reserves Increased By $500 Million In A Week

According to the latest figures from the Central Bank of Nigeria, Nigeria’s external reserves increased by $500 million in one week, reaching their highest level in more than two months. The reserves, which had been fluctuating in recent weeks, increased to $33.93 billion on Monday, the highest level since June 11. According to CBN data, reserves dipped to a record low of $33.09 billion on July 12 from $34 billion on June 10. In a similar event, the naira strengthened against the dollar on Tuesday in both the parallel market and the foreign currency window for Investors and Exporters. The […]

24

Aug

Obaseki Explains Why Nigeria’s Foreign Reserve And Naira Value Will Continue To Decrease

Mr. Godwin Obaseki, the governor of Edo State, has highlighted why Nigeria’s foreign reserves are diminishing and the value of the naira would continue to decrease. On Monday, he revealed this when he greeted the Ooni of Ife, Oba Enitan Adeyeye Ogunwusi, who was on a courtesy visit to the Government House in Benin City. Nigeria would not be able to earn enough foreign exchange unless it reduces imports and improves output, according to the Governor, who cited insecurity and food shortages as two of the country’s main difficulties. “Our country’s economy is struggling, and we all have a part[…]

17

Aug

Naira May Soon Have A Single Exchange Rate – Finance Minister

According to Zainab Ahmed, Minister of Finance and National Planning, the Central Bank of Nigeria’s (CBN) recent strategy is driving the naira toward a single exchange rate. The minister said the strategy will end the country’s numerous exchange rates, speaking at an interactive session on the Medium Term Expenditure Framework (MTEF) organized by the House of Representatives Committee on Finance in Abuja. She did agree, however, that the strategy has exacerbated the crisis in the Nigerian capital market. Foreign investors are still shunning the stock market as a result of the policies, she said. The currency was essentially devalued by[…]