Tag "Foreign Reserves"

    Naira strengthens at official market as exchange rate unification gets closer

Naira strengthens at official market as exchange rate unification gets closer

The naira started Wednesday's trading day 6.2 percent lower against the dollar at N385 on the official market, Reuters is reporting. The currency closed trading at N361/$, the same point it closed at on Tuesday. Black market traders told TheCable on Wednesday that the currency has been fluctuating on the market, closing at N452. The naira exchanged at N448 to the dollar on [...]

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    Nigeria’s foreign reserves shed ‘$43.6 million daily’ in October

Nigeria’s foreign reserves shed ‘$43.6 million daily’ in October

The country's foreign reserves lost an average of $43,604,660 daily between October 2 and October 30. Data made available by the Central Bank of Nigeria (CBN) showed gross reserves stood at $41,765,381,999 as of October 2 and had fallen to $40,500,856,853 by October 30. The reduction in foreign reserves may be due to a slowdown in foreign direct investments, low oil prices, [...]

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    Foreign reserve records highest new-year opening in six years

Foreign reserve records highest new-year opening in six years

The Nigerian foreign reserve, in 2019, has recorded the highest opening in six years! According to the latest figures from the Central Bank of Nigeria (CBN), as collated by TheCable, the country's reserves opened at $43,075,740,908 on Tuesday to break a six-year record. The last time Nigeria's reserves opened above $42 billion was in 2013, when it opened the new year at above [...]

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    CBN: Why foreign reserves are dropping

CBN: Why foreign reserves are dropping

The Central Bank of Nigeria (CBN) says there is no cause for alarm over the country's dwindling foreign reserves. Speaking in Abuja on Thursday, Isaac Okorafor, CBN spokesman, said the fall in reserves is due to a hike in interest rates by US Federal Reserve and the bank's interventions in the forex market "It’s also on social media that our reserves dropped [...]

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    Foreign reserves decline for the first time in eight months

Foreign reserves decline for the first time in eight months

Data made available by the Central Bank of Nigeria show that the nation's foreign reserves dropped by $72 million between Thursday, May 10 and Monday, May 14. The reserves, which stood at $39.3 billion at the beginning of the year, has risen by $8.5 billion. In March, Isaac Okorafor, CBN spokesman, had attributed the continued growth to the bank’s effort to discourage unnecessary importation; inflow from oil [...]

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CBN projects foreign reserve to hit $50bn by year end

The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, says the Nigeria’s foreign reserves will grow to $50 billion by the end of the year. Emefiele said this at the 25th Seminar for finance correspondents and business editors with the theme: “Sustaining Economic Growth Beyond Recession”, in Uyo. Represented by Edward Adamu, deputy governor, corporate services, Emefiele said the reserves [...]

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    Foreign reserves hit ‘new high’ of $46bn

Foreign reserves hit ‘new high’ of $46bn

Data from the Central Bank of Nigeria (CBN) show that the foreign reserves grew by $6.7 billion between January and the beginning of March. Confirming the data on Sunday, Isaac Okorafor, acting director, corporate communications department, said the foreign reserves stood at $39.3 billion at the beginning of the year. "The reserves at the beginning of 2018 stood at $39.3 billion, then rose [...]

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    Buhari: How the elite connived with foreign firms to inflate Nigeria’s export bills

Buhari: How the elite connived with foreign firms to inflate Nigeria’s export bills

President Muhammadu Buhari says some Nigerian elite connived with foreign firms to defraud the country. Buhari said this on Friday when he received a delegation of All Progressives Congress (APC) from Kebbi state in the presidential villa, Abuja. The president said the elite colluded with foreign shipping firms, insurance companies and financial outfits to deplete the country's foreign reserves. But the president did [...]

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    Foreign reserves hit $38bn — highest under Buhari

Foreign reserves hit $38bn — highest under Buhari

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says the nation's foreign reserves have risen to $38.2 billion, its highest point in 39 months. Emefiele made this known on Tuesday while commissioning Unilever Plc’s 10,000 metric tonnes Blue Band factory in Agbara, Ogun state. “We have seen reserves move up from the $23 billion I talked about in October 2016, but [...]

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Nigeria’s foreign reserves have risen more in Jan than ALL of 2016

Nigeria's foreign reserves have risen more in the first 23 days of 2017, than in all of the 365 days of 2016, TheCable can report. In 2016, the reserves opened at $29,069,779,152 and ended the year at $25,843,598,926, declining by 11.1 percent. For 2017 however, the reserves have gone from $26,094,171,362 as of January 3 to $27,888,503,123 on January 26, appreciating by 6.9 [...]

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    $595m flows into Nigeria’s foreign reserves in 72 hours

$595m flows into Nigeria’s foreign reserves in 72 hours

The Central Bank of Nigeria (CBN) has recorded an inflow of $595 million into the country's foreign exchange reserves in just 72 hours. According to CBN data, a total amount of $594,862,612 flowed into the foreign reserves between August 24 to August 29 – three trading days. The reserves moved from an 11-year low of $25,600,746,725 on Wednesday to a monthly-high of [...]

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    Nigeria’s reserves end 2015 at 10-year low

Nigeria’s reserves end 2015 at 10-year low

Nigeria’s foreign exchange reserves fell by $5,183,866,731 in 2015, closing the year at a 10-year low. The decline, which amounted to a 15-percent drop in 12 months, is the lowest that the nation has seen since 2005, when the reserves closed the year at $27.1 billion. For 2005, the reserves opened at about $19.59 billion, gaining $7 billion in a 12-month period. According [...]

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    Nigeria’s foreign reserves fall again

Nigeria’s foreign reserves fall again

Nigeria’s foreign exchange reserves have fallen again. The reserves which fell by $940m (N185 billion), about two weeks ago, has fallen again by $210m, CBN latest data have revealed. The reserves now stand at $30.48 billion, a fall from $30.69 billion two weeks ago, and $31.47 million a month earlier. Though the reserves fell by 3.14 percent by the month, 23.03 percent depletion [...]

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    Nigeria’s foreign reserves fall by $940million

Nigeria’s foreign reserves fall by $940million

Nigeria’s foreign exchange reserves have fallen by $940 million (N185 billion), a 2.97 percent from what was obtainable in August, the Central Bank has confirmed. The reserves now stand at $30.69 billion – a short fall from $31.63 billion on the figures from a month earlier – and 22.42 percent less than it was in September 2014. The central bank has been reported to [...]

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    Falling foreign reserves ‘not Jonathan’s fault’

Falling foreign reserves ‘not Jonathan’s fault’

The nation’s falling foreign reserves is not the fault of President Goodluck Jonathan, the Society for One Nigeria, an Abuja-based group, said on Tuesday. The group, which rose in defence of Jonathan over the accusation of Olusegun Obasanjo, former president, that the present government had depleted the foreign reserves by $25 billion, argued that the ex-president’s administration was just lucky, as [...]

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    Again, “It’s about the economy… stupid!”

Again, “It’s about the economy… stupid!”

What else can the 2015 elections in Nigeria be about, but the economy? The phrase, which was coined by James Carville for the Bill Clinton 1992 campaign and which played a huge role in upstaging George H. W. Clinton, could not have been more relevant in our clime than it is today. Many Nigerians would one way or another link [...]

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