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External Reserves

The wrong way to defend the naira

The Central Bank of Nigeria has injected over $10.97bn, into the Forex Market between January and October this year, to defend the Nation’s currency, the Naira, against other major currencies, including the dollar.” (See Punch Newspaper report of November 18th 2018 titled “CBN Defended Naira with $11bn in 10 months”).

Central bank allays concerns over declining reserves

The Central Bank of Nigeria (CBN) Wednesday allayed worries over the fluctuation in external reserves, assuring Nigerians that with its current level at over $44 billion, there’s no cause for alarm.

Foreign reserves drop to $46.37 billion, lowest in five months

The 30 days moving average of the Nigerian external reserves was down to a five – month low dropping to $46.37 billion, the lowest level since March this year.

Presidency: New forex window records $25 billion inflows in one year

The Presidency yesterday released the record of its economic performance since 2015, stating that the new forex (FX) window introduced by the Central Bank of Nigeria (CBN) in April, 2017, yielded an average of $1 billion turnover every week and $25 billion inflows in one year.

Domestic investors sustain interest on Nigerian Stock Exchange

Domestic investors have continued to dominate trading on the equities market for three months in a row, as they traded N497.15 billion worth of shares for the first quarter, Q1, ended March 31, 2018.

Nigeria’s external reserves hit 5-year high of $46bn

It has also significantly surpassed the $40 billion target for 2018 announced by the Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, last November, and is expected to inch up to $50 billion in the next few months.

Forex: Banks cancel commissions on PTA, tuition, medical bills

Members of the Bankers’ Committee have agreed that banks in the country should stop charging commission on the sale of foreign exchange to customers, particularly those meant for Personal Travel Allowance, Business Travel Allowance, tuition and medical bills payment.

External reserves hit $40.4 billion as central bank injects $210 million into interbank market

As projected by the Governor of the Central Bank of Nigeria, Godwin Emefiele, at the Annual Bankers’ Dinner of the Chartered Institute of Bankers in Lagos last November, the nation’s External Reserves have hit a new level of $40.4 billion.

Nigeria’s external reserves hit $38.2 billion – central bank

Godwin Emefiele, Central Bank of Nigeria, CBN, governor, yesterday, disclosed that the nation’s external reserves have risen to $38.2 billion, the highest in 39 months.

Policy options for sustaining Nigeria’s economic upturn

Plummeting stock market indicators, sustained net capital outflows and poor doing business indicators all characterized our economy when I gave my speech last year.

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