Finance
Nigeria’s Gross External Reserves Increase to $42.865bn
Nigeria’s gross external reserves climbed to $42.865 billion on Wednesday, and most projections sampled showed that the year-end balance will reach $43 billion. The foreign reserves balance is said to cover for about 12 months of imports, and the net position has surpassed the pre-naira reform era. Key drivers of the accretion into the foreign reserves are increases in hydrocarbon earnings, foreign portfolio investment flows and remittances.
Updated data from the Central Bank of Nigeria (CBN) shows that the currency external reserves balance is the highest seen since 2019. Nigeria opened the year with $40.877 billion, with bumps and troughs before peaking on account of a solid FX inflows record from foreign portfolio investors and FX receipts from hydrocarbon sales.
-
News22 hours agoCardoso formally receives Central Bank of the Year Award
-
Economy22 hours agoNigeria’s Digital Boom needs nuclear power partnerships for long-term success
-
Oil and Gas22 hours agoNNPC is house of thieves, fraud; Kyari must be arrested dead or alive to account for N210 trillion—Oshiomhole
-
Oil and Gas22 hours agoDangote Refinery seeks $1bn private placement ahead of planned listing
-
Uncategorized22 hours ago
June 12 Democracy Day declaration not enough, as citizens wallow in pain – ActionAid, FG declares Friday public holiday
-
News22 hours agoMiddle East Conflict sends global growth to lowest rate since COVID-19, WBG to Provide up to $100bn for Affected countries over 15 Months—WBG
-
News22 hours agoHigh cost of cooking gas‘ll negatively impact environment, health, CPPE warns