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BUSINESS

Cardoso links depleting external reserves to debt repayments

The Central Bank of Nigeria has clarified reasons for the significant decline in the nation’s foreign exchange reserves, asserting that it wasn’t primarily aimed at defending the naira, as commonly believed, but rather to partially repay debts owed to creditors. The bank further expressed its desire to minimise its involvement in the market, aiming to foster a scenario where prices are determined through the interactions of willing buyers and sellers. […]

todayApril 18, 2024 6

NEWS

External reserves drop by $950m in 17 days — CBN report

Nigeria’s foreign exchange reserves have taken a significant hit, dropping by approximately $1.02bn within 18 days as the Central Bank of Nigeria steps up efforts aimed at defending the naira. On March 18, 2024, the FX reserves stood at $34.45bn, but by April 3, it had dropped to $33.50bn, based on the latest data from the CBN. Before the current decline, the reserve had been steadily growing, witnessing a remarkable […]

todayApril 8, 2024 10

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