External Reserves Decline by $1.65bn in Six Months   Nigeria’s foreign exchange reserves have fallen by $1.6bn to $32.97bn since the Central Bank of Nigeria (CBN) tried to unify the country’s foreign exchange rates. On June 14, the apex bank asked Deposit Money Banks to remove the...

External Reserves Drop by $841m in Three Months   Nigeria’s external reserves fell by $841.75m between July and September, figures obtained from the Central Bank of Nigeria (CBN) revealed. The CBN revealed in its report on the movement of external reserves that the reserves, which stood at...

External Reserves Marginally Gained $1.87m in August   In August 2023, Nigeria’s external reserves experienced a slight uptick of $1.87 million, thanks to the policies implemented by the Central Bank of Nigeria (CBN) aimed at stabilising the foreign exchange market. The external reserves, as reported by the...

External Reserves Drop By $915m After CBN's Naira Float   Nigeria’s external reserves dropped by $915m after the Central Bank of Nigeria officially floated the naira and liberalised the foreign exchange market. CBN data obtained on Sunday showed that the reserves, which stood at $34.66bn as of...

Forex Turnover In I&E Drops By 35% To $13.11bn In H1, 2023   The foreign exchange segment of the economy was marked by downward trend in the first half of the year, H1’23 reflected in the 35 per cent, year-on-year (YoY) decline in the volume of...

External Reserves Drop by $3bn in Six Months, Says CBN   Nigeria’s external reserves fell by $2.85bn in the first half of 2023 due to external debt finance among other challenges, figures obtained from the Central Bank of Nigeria have revealed. The CBN revealed in its figures...