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Tag: External reserves

Diaspora Nigerians to pay ₦80,000 for remote BVN
Economy featured

Cardoso dismisses reserve fluctuations, assures strong buffers

Governor of the Central Bank of Nigeria, Olayemi Cardoso, has dismissed concerns over recent fluctuations in the country’s external reserves, insisting that Nigeria remains in a strong and comfortable position, with buffers well above global benchmarks. Tribune reported that speaking at a Nigerian press conference to round up the International Monetary Fund/World Bank Spring Meetings […]

Nigeria's FX reserves hits three-month peak
Finance

Net external reserves surge 50.5% to $34.8bn in 2025 — CBN

The Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, has disclosed that the nation’s net external reserves rose 50.5 per cent year-on-year to $34.8 billion in 2025 from $23.11 billion in 2024. In a statement from the apex bank, Cardoso said that the growth in external reserves reflects stronger external sector fundamentals and […]

Employers slam FRC over levies on private firms
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Naira remains stable as external reserves hit $44bn

The naira has continued to maintain a steady, largely flat trading pattern, supported by the steady rise in Nigeria’s external reserves, even as the country grapples with a decline in crude oil production. The currency’s resilience comes at a time when oil output, the nation’s major foreign exchange earner, has faced notable setbacks, yet underlying […]

Trapped funds: CBN to give foreign airlines $150m
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External reserves rise by $424.68m in 11 days – Report

Nigeria’s external reserves saw a notable increase of $424.68 million between August 30 and September 10, climbing from $36.305 billion to $36.730 billion. This 1.17% rise over 11 days reflects a positive trend in the country’s financial situation. After a slight dip to $36.244 billion on September 2, the reserves recovered and matched the August […]

Nigeria's external reserves dip by $4.28bn in 2023 - Report
Business

Nigeria’s external reserves dip by $4.28bn in 2023 – Report

Nigeria’s external reserves have been reduced by 11.55 percent ($4.28 billion) year to date, as the naira continues to plummet against the dollar in 2023. BusinessDay reported that the external reserves, the apex bank’s pool of foreign assets, fell to $33,78 billion as of December 20, 2023, from $37.06 billion on January 3, 2023, according […]

CBN, others to review 2.9tTn tax credit scheme
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How external reserves fell by $3bn in six months – CBN

Information acquired from the Central Bank of Nigeria has revealed that Nigeria’s external reserves declined by $2.85 billion in the first half of 2023 due to external debt financing, among other issues. The Punch reported that CBN said that as of the end of June 26, 2023, the foreign reserves, which started out at $37.07 billion in […]

Economy

Why Nigeria’s foreign reserves lost $2.2bn – CBN

The Central Bank of Nigeria has explained reasons why Nigeria’s foreign reserves lost $2.22 billion in a sustained demand pressure in the foreign exchange market.   In its Financial Stability Report, CBN showed that the reserves fell to $36.96 billion in the second week of December, from August closing figure of $39.18 billion.   According […]

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Economy

External reserves get $679.12m boost in one month

Figures obtained from the Central Bank of Nigeria have revealed that the country’s external reserves returned to a growth path after gaining $679.12m in June. According to The PUNCH, the figures showed that the reserves, which stood at $38.48bn as of June 2, 2022, rose to $39.16bn as of the end of June 30, 2022. […]

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