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...

Foreign Reserves Shed $975.7m Year-to-date   Nigeria’s foreign reserves continued its downward slope, a trend formed towards the end of last year after it failed to sustain a momentary recovery witnessed in October. The gross figure, which has remained a consistent gradual depletion in the past five...

Amid Currency Crisis, Reserves Gain $5bn In 2021   Amid currency crisis and fluctuation in oil prices, the country’s gross foreign reserves dipped by nearly $600 million in December alone. This raises fresh concern about the short to medium-term stability of the foreign exchange market. The figure...

Steady Rise In Oil Price Pushes Foreign Reserves To $39.5bn   Nigeria’s foreign reserves have climbed to $39.5 billion on the back of steady rise in crude oil prices and drawdown on international loans. The Brent crude, the global benchmark, was up by 85 cent to trade...

CBN Backs Wheat Value Chain To Boost Foreign Reserves           The Central Bank of Nigeria has expressed its determination to address the existing challenges in the country’s wheat value chain as part of efforts to shore up the country’s foreign reserves. In a statement on Sunday titled...

Foreign Reserves Decline Again After Rising To $33.59bn       The foreign exchange reserves in Nigeria have started declining again after rising to $33.59bn, the highest level in more than a month. The forex reserves, which fell to a record low of $33.09bn on July 12, had gained...