• Proposed $30bn external loans not solution to forex supply crisis, says MAN

    Proposed $30bn external loans not solution to forex supply crisis, says MAN

    According to reports, the plan by the Federal Government to borrow $30 billion external loans to tackle the country’s infrastructural needs will not address the supply gap in the foreign exchange market currently hurting private sector operators.

    Chairman, Apapa branch of Manufacturers Association of Nigeria, MAN, Mr. Babatunde Odunayo, who disclosed this at the association’s 45th Annual General Meeting, AGM, in Lagos, said infrastructure and project-tied loans served a different purpose and benefit only lender countries.

    He said government should, instead, negotiate […]

  • Nigeria’s external reserve falls to $24.59bn

    Nigeria’s external reserve falls to $24.59bn

    Nigeria’s foreign exchange reserves fell to $24.59bn by September 28, down 3.37 per cent from the previous month, the latest Central Bank of Nigeria data showed on Friday, as the bank stepped up its intervention to prop up the ailing naira currency.

    The country’s reserves stood at $25.45bn last month, according to Reuters. The reserves had declined 19 per cent from a year ago.

    The CBN has been selling the dollar to support the currency, but the naira hit a fresh all-time […]

  • Nigeria’s external reserves drop to $24bn

    Nigeria’s external reserves drop to $24bn

    According to the latest data posted on the Central Bank of Nigeria’s website, the country’s external reserves have depleted further to a record-low of $24.8bn.

    The foreign exchange reserves fell by $600m in two weeks before shedding $1bn in four weeks, the CBN statistics showed.

    Specifically, the reserves fell from $25.8bn on August 16 to $24.8bn on September 16. It decreased by $600m from $25.4bn recorded on August 31 to $24.8bn on September 16, the current CBN data revealed.

    The spate of decline […]

  • FG approves three-year external borrowing plan

    FG approves three-year external borrowing plan

    The federal government has approved a three-year rolling external borrowing plan.

    Briefing State House Correspondents after the Federal Executive Council (FEC) meeting held in Abuja yesterday, the Minister for Finance, Mrs. Kemi Adeosun, said the approval would be transmitted to the National Assembly immediately.

    She said the loans would come from agencies such as the World Bank, African Development Bank, China Exim Bank, and other development agencies like the Japanese International Cooperation Agency (JICA).

    Also at the briefing were the Minister for Information […]