Illicit Funds Draining Nigeria's Revenue, Foreign Reserves - ICPC Boss The Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Prof. Bolaji Owasanoye, has said Illicit Financial Flows (IFFs) remain a drain on Nigeria’s potential revenue accretion and foreign exchange reserves. He said...

CBN Expends $17.81bn To Strengthen Naira   The Central Bank of Nigeria (CBN) drew down Nigeria’s foreign reserves and expended $17.81billion to defend the nation’s weak currency, at the foreign exchange(forex) markets in 2022. According to the apex bank in its Annual CBN Activity Report, in 2022,...

Foreign Reserves Drop By $1.43bn In Ten Weeks   Official forex reserves status data report obtained from the Central Bank of Nigeria (CBN) indicated that forex reserves declined by $163.67 million last week. It capped a 10-week consecutive fall. The data showed that forex reserves depleted from...

Foreign Reserves Records Slight Gain As Naira Weaken To N430/$ On I&E Window   The value of the naira weakened to N430 to the dollar at the Investors’ and Exporters’ window at the end of business last week even as the Nigeria’s external reserves gained slight...

Nigeria’s Forex Reserves To fall, CBN Plans $1.7bn Arrears Payment   Nigeria’s forex exchange reserve will fall in 2022 as the Central Bank of Nigeria (CBN) plans to clear about $1.7bn in FX backlog to foreigners and FX forward contracts, the World Bank has said. The global...

Nigeria’s Foreign Reserves Drop To $39.5bn   Nigeria’s foreign reserves stood at $38.483bn by May 31, 2022, declining by five per cent from $40.521bn reported by end of December 2021, according to the calculations of reserves movements on the Central Bank of Nigeria’s website. On the other...