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.
-
Economy2 days agoNigeria Sovereign Investment Authority announces winners of $275,000 prize for innovation
-
Finance2 days agoAirtel Money reports 25% growth in first-half revenue in maiden results
-
News2 days agoEFCC arrests 14 Chinese nationals in Nigeria for operating illegal lithium processing plants
-
Maritime2 days agoNIMASA, ITF signs MOU on Seafarer wellbeing, MoU First in Africa—ITF
-
Oil and Gas2 days agoHoneywell Technologies launches new AI platform at Dangote’s Nigeria refinery
-
Economy2 days agoFG targets single-digit inflation by end-2027 to unlock cheaper borrowing— Oyedele
-
Oil and Gas16 hours agoBayelsa suspends oil firm’s land acquisition over fatal community dispute
-
News16 hours agoTop 20 Ecobank’s InnovateX finalists emerge for ₦20m prize money