• Nigeria’s foreign reserves appreciates by $658 million

    Nigeria’s foreign reserves appreciates by $658 million

    Nigeria’s forex reserve recorded an appreciable increase in the last four weeks as it rose by $658 million within November alone, a source at the Central Bank of Nigeria (CBN) confirmed to newsmen yesterday.

    The source, who pleaded anonymity, said the reserve recorded a huge increase last week, pushing the figure up from $23.95billion where it was at the beginning of the month to about $24.60 billion.

    The Monetary Policy Committee (MPC) had hinted that there was an increase in the forex […]

  • Nigeria’s foreign reserves drop to $24.74bn

    Nigeria’s foreign reserves drop to $24.74bn

    The Minister of Budget and National Planning, Sen. Udoma Udo Udoma, says Nigeria’s foreign reserves have reduced from $26.51 billion in the second quarter of 2016 to $24.74 billion in September.

    Udoma on Tuesday said this at the 57th annual conference of Nigerian Economic Society with the theme “the developmental state and diversification of the Nigerian economy”.

    He said Nigeria had revenue and foreign currency concentration problems, adding that diversification was the only solution.

    The minister said due to four strategic pipeline terminals […]