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Tag: Nigeria Foreign Reserve

Nigeria's external reserves reach 22-month high amid weak Naira
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Nigeria’s external reserves reach 22-month high amid weak Naira

Nigeria’s external reserves have surged to a 22-month peak of $37.31 billion, reflecting a significant influx of foreign capital into Africa’s largest economy. This growth, however, has not translated into improvements for the naira, which has been classified as one of the ten worst-performing currencies globally by Bloomberg as of September 20. According to the […]

90% of Nigeria's tax revenue comes from nine sources – Wale Edun
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Nigeria’s foreign reserves record $2.35bn monthly net inflow – Edun

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has stated that Nigeria is currently recording a net inflow of approximately $2.35 billion into the apex bank’s foreign reserves. This development indicates a positive trend in the country’s foreign exchange position. Edun disclosed this in a statement while speaking at the Access […]

Nigeria's external reserves rise to $36.89bn — CBN gov
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Nigeria’s external reserves rise to $36.89bn — CBN gov

Mr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria, announced that Nigeria’s external reserves have surged to $36.89 billion as of July 16, 2024. He made this declaration during a session with the Senate Committee on Banking, Insurance, and Other Financial Institutions in Abuja on Friday, highlighting the effectiveness of CBN’s monetary policies […]

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Nigeria’s foreign reserves hit $34.07bn – CBN

The Central Bank of Nigeria revealed that Nigeria’s external reserves reached a record high of $34.07 billion on June 26, 2024. This was disclosed in the CBN’s latest FX data on its official website, marking the highest level since March 2024. Last week, the reserves reached a three-month high of $33.5 billion and have since […]

CBN fines banks N1m daily over refusal of new naira
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Nigeria’s external reserves declined by $1.46bn in two months

The Central Bank of Nigeria has revealed the country’s external reserves decreased by $1.46bn between January and March. The reserves amounted to $36.67 billion by February 27, 2023. The data from the CBN shows that the reserves were at $36.99 billion by the end of January 2023, but decreased to $35.53 billion by the end […]

2023: FX shortage to persist, Coronation Merchant Bank forecasts
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2023: FX shortage to persist, Coronation Merchant Bank forecasts

The foreign exchange liquidity problem impacting the economy is likely to last for a while, according to a prediction made by Coronation Merchant Bank. The Coronation Bank’s Chief Economist, Chinwe Egwim, made this announcement in a statement on the occasion of the publication of the bank’s 2023 Economic Review and Outlook report, which focuses on […]