Top 6 African Countries With Highest Foreign Reserves In 2024
Foreign reserves also known as forex or FX reserves are assets of a country held in form of foreign currencies, bonds, treasury bills and other government securities.
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CBN Reveals JP Morgan’s Intention After Report On Nigeria’s Foreign Reserves
The Central Bank of Nigeria (CBN) Director of Monetary Policy Department, Hassan Mahmud, said the report by JP Morgan on Nigeria’s foreign reserves is an attempt to mislead the public. Mahmud stated that JP Morgan’s intention could also be to rouse market
Nigeria’s Foreign Reserves Drop 73.5%, Weakens CBN’s Effort To Defend Naira
Nigeria’s foreign reserves stood at $3.7 billion as of the end of 2022, JP Morgan, a US-based financial firm, has revealed. In a recently released report by JP Morgan, titled; ‘Nigeria: Reform pause rather than fatigue,’ the firm said Nigeria’s foreign reserves
Senate Directs CBN To Give Foreign Airlines 2% Of Foreign Reserves
The Senate has directed the Central Bank of Nigeria (CBN) to increase the foreign exchange allocation to foreign airlines operating in Nigeria. This was made known on Wednesday after a motion titled; “Current Issues on Airlines Blocked Funds in Nigeria” moved by Senator
Dollar Rate Increases After $1.58 billion Drop In Foreign Reserves
At the end of trading in the foreign exchange (forex) official market on Wednesday, 3 May, the Naira slumped to the Dollar, as the forex rate closed at ₦463/$1. The Naira failed to hold on to the gain recorded on Tuesday, 2
Naira Gains, Drop In Foreign Reserves To Fuel Dollar Rate
The Naira to Dollar rate in the official market dropped by 0.04 per cent on Tuesday, 25 April 2023, as traders reduced their asking price by N0.23 kobo. According to data obtained from FMDQ Exchange, the foreign exchange rate closed at ₦463.44/$1
Nigeria’s Foreign Reserves Fall By $1.58 billion, To Affect International Investments, Dollar Rate
Nigeria’s foreign reserves dropped by 4.27 per cent in the first quarter of 2023 as foreign capital importation into the country nosedive, Prime Business Africa learnt. This represents a $1.58 billion depletion in the foreign reserves between January to March, as it
Dollar Rate: Gap Between Official, Black Markets Rises To 61.3%
The dollar rate rose in the Bureau De Change window of the black market on Tuesday, 24 January 2023, as the naira weakened by -1.07 per cent. It was learnt that the cost to buy one dollar increased to an average of
Nigeria’s Foreign Reserves Drops To $37.09 billion, CBN’s MPC Member Makes Projection
Within 12 months, Nigeria’s foreign reserves fell by $3.43 billion in 2022. However, it increased towards the end of the same year, reflecting the projection made by a member of the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC). The external
Govt Must Tackle Oil Theft To Stabilise Forex Rate, Reserves – Emefiele Reveals
For Nigeria’s foreign reserves to rise and stabilise forex rate, the Federal Government must conclusively address the persistent challenge of oil theft, Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, said. According to Emefiele, the major solution to the instability
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