Nigeria's FX Reserves Fall to $36.32bn According to data released by the Central Bank of Nigeria (CBN), the nation's foreign exchange reserves fell to $36.32bn as of August 29, 2024, according to data released by the Central Bank of Nigeria. This marks a decline from the...

Naira Resurgence, Foreign Reserves and the Illusion of Truth, by Abdulrahman Abdulraheem   Famous psychologist, Tom Stafford, believes repetition makes a claim seem more true, regardless of whether it is or not. Understanding this effect can help one avoid falling for propaganda. “Repeat a lie often enough...

CBN Not Defending Naira With Foreign Reserves - Cardoso   The Governor of the Central Bank of Nigeria (CBN) Mr. Olayemi Cardoso, said yesterday that the apex bank is not defending the Naira with the nation’s foreign reserves. He was speaking against the backdrop of the recent...

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...