Foreign Reserves Drop By $129.83m In One Week     The country’s foreign reserves have commenced a downward trend, dropping by $129.83m in one week, the latest data from the Central Bank of Nigeria have shown. The reserves, which stood at $36.57bn as of June 3, fell to...

CBN Predicts Negative Economic Growth In Q2   The Central Bank of Nigeria has predicted negative Gross Domestic Product growth for the country in the second quarter of 2020 owing to the COVID-19 pandemic that had affected the economy. The CBN Governor, Mr Godwin Emefiele, made the...

Nigeria’s $37bn Foreign Reserves Adequate To Support Economy – Emefiele   The Governor of the Central Bank of Nigeria (CBN) Mr. Godwin Emefiele, has assured that Nigeria’s $37bn current foreign reserves is “robust to support the economy.” Emefiele, was quoted in a statement issued by the apex...

No Forex For Goods With Local Substitutes, Says Emefiele   The Central Bank Governor, Mr Godwin Emefiele, has said that the CBN will not support the importation of items that can be produced in Nigeria with forex. As Nigeria continued the process of full reopening of the...

Foreign Reserves Gain $449.5m In A Week     After 10 months of consistent decline, the country’s foreign reserves returned to a growth path, gaining $449.5m in one week, figures from the Central Bank of Nigeria have revealed. According to the CBN, the reserves rose from $33.44bn in...

Forex Pressure, Infrastructure Deficit May Worsen Inflation — Emefiele     The Governor, Central Bank of Nigeria, Mr Godwin Emefiele, has said that the infrastructural deficits and emerging pressures from the foreign exchange market may aggravate inflation. He said with the decline in crude oil receipts as well...