After 10 Weeks Decline FX Reserve Rises to $32.8bn After a 10-week dip of $1.8bn, Nigeria’s foreign exchange reserve has shown a steady increase over the past six days, indicating a recovery process for the economy’s external reserve. According to data from the Central Bank of...

FX Reserves Fall by $1.8bn in 10 Weeks – CBN Nigeria’s foreign exchange reserves have fallen by $1.8bn in 10 weeks, according to data from the Central Bank of Nigeria (CBN). As of May 29, 2024, the country’s FX reserves stood at $32.69bn, down from $34.44bn...

Fed Govt Targeting 50bn-barrel Oil Reserves – DPR       The target of the Federal Government is to increase Nigeria’s oil reserves from 36.91 billion barrels to 50 billion barrels in the short to medium term, the Department of Petroleum Resources announced on Monday. Director/Chief Executive, DPR, Sarki...

Banks Fail To Account For Nigeria’s $7bn Reserves 13 Years After Collection   There are strong indications that a huge chunk of the $7bn reserves which the Central Bank of Nigeria under a former Governor Charles Soludo gave to 14 banks had yet to be repaid...

NNPC: Gas Reserves Now 202trn Cubic Feet   Nigeria’s current proven gas reserve has gone up to 202 trillion cubic feet (tcf) from the initial figure of 199tcf, the Nigerian National Petroleum Corporation (NNPC) has disclosed. The corporation also stated that the country’s unproven gas reserves is...

CBN States Reasons For External Reserves’ Fall To $44bn   The Central Bank of Nigeria has stated reasons why the nation’s external reserves, which currently stand at $44bn, have been on a downward trend lately. Speaking during the CBN Day at the ongoing Abuja International Trade Fair...