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Foreign Reserves

Nigeria’s Foreign Reserves Defy Fitch’s Projection, Now $52.83bn — Exceed CBN’s Target By $1.79bn

August 25, 2026

Nigeria’s foreign reserves have increased by $7.26 billion, or 15.94 percent in the last eight months, according to data obtained from the Central Bank of Nigeria (CBN). Prime Business Africa gathered that

Capital Importation: Banking Sector Records Highest Inflow In Q3 2024

Business News·Top Stories

Naira Trades Flat In Black Market As Foreign Reserves Halt Two-Month Decline

May 13, 2026

The foreign exchange (FX) rate for the United States dollar (USD) did not record any changes on Wednesday in the black market, according to the parallel market aggregator, Naira Rates. It was

Business News·FEATURES·Top Stories

Nigeria’s Foreign Reserves Heading Towards Fitch Projection After Dropping By $1.66bn

May 1, 2026

Nigeria’s foreign reserves have decreased by $1.66 billion or 3.31 percent between March 11 and April 30, according to analysis of the external reserves by Prime Business Africa (PBA). Data obtained from

FEATURES·Finance & Economy

Top 6 African Countries With Highest Foreign Reserves In 2024

May 13, 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.

Business News

CBN Reveals JP Morgan’s Intention After Report On Nigeria’s Foreign Reserves

August 25, 2023

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

Business News

Nigeria’s Foreign Reserves Drop 73.5%, Weakens CBN’s Effort To Defend Naira

August 22, 2023

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

CBN Releases Another Around Of $10,000 FX To Each BDC, Mandates Them To Sell At N1,117/$1

Business News

Senate Directs CBN To Give Foreign Airlines 2% Of Foreign Reserves

May 18, 2023

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

Naira Ends Week With Marginal Gain Against Dollar

Business News·Currency

Dollar Rate Increases After $1.58 billion Drop In Foreign Reserves

May 4, 2023

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

Naira Opens Week With Gain Across FX Markets

Business News

Naira Gains, Drop In Foreign Reserves To Fuel Dollar Rate

April 26, 2023

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

Naira Appreciates To N869/$1 As Experts Debate Stability

Business News·Insights

Nigeria’s Foreign Reserves Fall By $1.58 billion, To Affect International Investments, Dollar Rate

April 25, 2023

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

Business News·Currency

Dollar Rate: Gap Between Official, Black Markets Rises To 61.3%

January 24, 2023

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

Business News

Nigeria’s Foreign Reserves Drops To $37.09 billion, CBN’s MPC Member Makes Projection

January 3, 2023

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

CBN Places Service Restriction On PoS Agents Across Nigeria

Business News·Currency

Govt Must Tackle Oil Theft To Stabilise Forex Rate, Reserves – Emefiele Reveals

November 29, 2022

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,

Peter Obi Reveals Why UK Gov't Shutdown His 'Next' Company

Business News·Oil & Gas

Peter Obi Reveals Why Nigeria Must Look Beyond Oil

November 28, 2022

The Presidential candidate of Labour Party, Peter Obi, said Nigeria must look beyond oil, a week after it was revealed the commodity no longer contributes to the country’s foreign reserves. Nigeria’s oil

Business News·Currency·Insights

6 Reasons Naira Gains, Loses In Black Market

November 18, 2022

In the second week of November, the naira gained significantly against the United States dollar (USD) in black market after a free fall in last week of October and first week of

Business News·Currency

Dollar Rate Rises By N100 In Black Market, As Naira Ends Gain

November 14, 2022

The naira couldn’t hold on to the gains of last week, as the dollar rate increased by N100 in the black market, representing -17.6 per cent decline in the value of the

Business News·Currency

Nigeria’s Foreign Reserves Drop $2.20 billion, Increases Forex Problem

October 3, 2022

As at September 29, 2022, Nigeria’s foreign reserves fell to $38.318 billion, further compounding the scarcity of foreign exchange in the country’s official forex market. In the last Monetary Policy Meeting (MPR)

Naira Ends Week With N59.71 Gain At Official Market

Business News·Currency

Black Market Dollar To Naira Exchange Rate: CBN’s Official Forex Market Increases Cost Of Buying Dollar

July 15, 2022

July 14, 2022 Dollar Update: The naira to dollar exchange rate increased on Thursday at the Investors and Exporters window, which is the official foreign exchange market recognised by the Central Bank

Business News·Currency

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Foreign Reserves

Nigeria’s Foreign Reserves Defy Fitch’s Projection, Now $52.83bn — Exceed CBN’s Target By $1.79bn

Naira Trades Flat In Black Market As Foreign Reserves Halt Two-Month Decline

Nigeria’s Foreign Reserves Heading Towards Fitch Projection After Dropping By $1.66bn

Top 6 African Countries With Highest Foreign Reserves In 2024

CBN Reveals JP Morgan’s Intention After Report On Nigeria’s Foreign Reserves

Nigeria’s Foreign Reserves Drop 73.5%, Weakens CBN’s Effort To Defend Naira

Senate Directs CBN To Give Foreign Airlines 2% Of Foreign Reserves

Dollar Rate Increases After $1.58 billion Drop In Foreign Reserves

Naira Gains, Drop In Foreign Reserves To Fuel Dollar Rate

Nigeria’s Foreign Reserves Fall By $1.58 billion, To Affect International Investments, Dollar Rate

Dollar Rate: Gap Between Official, Black Markets Rises To 61.3%

Nigeria’s Foreign Reserves Drops To $37.09 billion, CBN’s MPC Member Makes Projection

Govt Must Tackle Oil Theft To Stabilise Forex Rate, Reserves – Emefiele Reveals

Peter Obi Reveals Why Nigeria Must Look Beyond Oil

6 Reasons Naira Gains, Loses In Black Market

Dollar Rate Rises By N100 In Black Market, As Naira Ends Gain

Nigeria’s Foreign Reserves Drop $2.20 billion, Increases Forex Problem

Black Market Dollar To Naira Exchange Rate: CBN’s Official Forex Market Increases Cost Of Buying Dollar

Dollar To Naira Exchange Rate: Cost Of Dollar Rises By N4.25, As Foreign Reserves Up $5.83bn

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