external reserves
Naira records strongest gain against dollar as external reserves Hit $41.24b
The Nigerian Naira recorded its highest single-day gain against the U.S. dollar this week at the official foreign exchange market, bolstered by a steady increase in the country’s external reserves. Data from the Central Bank of Nigeria (CBN) revealed that the Naira appreciated to N1,535.47 per dollar on Thursday, up from N1,537.07 on Wednesday, representing […]
Economic Reforms Strategize to Bridge Forex Gap as Oil Revenues Decline
Amid dwindling oil revenues and persistent external reserve pressures, Nigeria’s Central Bank (CBN) has rolled out a series of economic reforms aimed at stabilising the foreign exchange (FX) market and reducing reliance on imported goods. These policy measures, spearheaded by CBN Governor Olayemi Cardoso, are beginning to yield results, with foreign reserves showing signs of […]
Nigeria’s Foreign Debt Servicing Hits $5.47 Billion
Nigeria has spent a staggering $5.47 billion on foreign debt servicing between January 2024 and February 2025, according to data from the Central Bank of Nigeria. Nigeria foreign debt servicing significant expenditure highlights the growing burden of debt obligations on the country’s external reserves and fiscal stability. The debt service payments fluctuated over the period, […]