Nigeria’s foreign reserves hit four-year low
The reserves fell to $34 billion last week
ADVERTISEMENTNigeria’s foreign reserves plunged to its lowest level in four years last week, hardly reflecting the marginal gains in rising oil prices in recent months, central bank figures show.The reserves fell by $222.3 million between May 31 and June 10 to $34.0 billion, according to figures published by the Central Bank of Nigeria.
The last time it fell below that mark was between June and July of 2017.Infographics showing Nigeria’s foreign reserves average over the period under reviewBefore recording a gradual slump, the reserves had reached $36.5 billion at the start of the new year. The rise, which began mid-December 2020, was buoyed by a steady rise in oil prices in the international market.
It was unclear why the reserves fell at a time of rising crude oil prices, although similar declines in the past were attributed to the interventions by the apex bank to stabilise the exchange rate. The spokesperson for the CBN, Osita Nwasinobi, did not return calls on Monday. headtopics.com
The CBN, which operates a managed float, periodically supports naira from the reserves, and a lower reserve is expected to affect the value of the currency which closed Friday at 410.80 a $1, 0.1 per cent higher than it traded the previous session.The dip
Foreign exchange reserves are assets held on reserve by a monetary authority in foreign currencies, quite often used to back liabilities and influence monetary policies.They could be in the form of foreign banknotes, deposits, bonds, treasury bills and other foreign government securities.Read more: Premium Times »
Bandits Release 28 Abducted Students Of Bethel Baptist High School
Kaduna state chairman of the Christian Association of Nigeria, Joseph Hayab, is quoted to have disclosed that the abducted students of Bethel Baptist High Sc...
Report: $15bn Investments Lost Annually to Non-passage of PIB•OPEC: Nigeria’s oil production hit record low in May By Emmanuel Addeh A new report by Financial Derivatives Company Limited (FDC) has indicated that Nigeria’s oil and gas industry loses as …
JOB SCAM (2): How fly-by-night firms fleece unemployed graduates, lure them into ‘marketing’In Nigeria’s chaotic job market, the experience of Mr Alabi, Ms Ashade, and others in the hands of fly-by-night recruitment firms appears commonplace, as PREMIUM TIMES’ investigation showed.
Gbajabiamila celebrates Nigeria’s 22 years of uninterrupted democracy | The Guardian Nigeria News - Nigeria and World NewsThe Speaker, House of Representatives, Femi Gbajabiamila has congratulated Nigerians for marking 22 years of uninterrupted democracy. At what cost ? Hmmmm Celebrating the failure of past and present politicians.
PDP determined to 'rescue' Nigeria – Tambuwal | Premium Times Nigeria“It is a task that we must accomplish to the glory of God.” You people should not bother ooo ...we don't want immigrates 🤣🤣🤣 Most unreliable opposition party ever.
NCDC records 8 new COVID-19 infections, 6 recoveries | The Guardian Nigeria News - Nigeria and World NewsThe Nigeria Center for Disease Control(NCDC),says it recorded eight new COVID-19 infections in two states;Akwa Ibom- four and Rivers- four as of June 12. The baby is MISS CHIMERIKA ISIENYI, she needs a heart surgery, The hospital is requesting for 4million naira, please help with little you can and retweet, 0621863007 GTB Stanley Meshach, Father's contact_09136831857 GOD BLESS KeepitOn help hospital baby Had it been you are asking questions or people are telling you the truth, you would have gone home since long ago. So they no tell you say we don forgot anything about your Covid-19. We don dey live our lives dey go. Take your Covid-19.
Nigeria moving forward despite odds, claims Kwara gov | The Guardian Nigeria News - Nigeria and World NewsKwara State Governor, AbdulRahman AbdulRazaq, yesterday, said Nigerians should build more hope on sanctity of a united nation, with a promise that Nigeria would soonest get to its El dorado. PHOTO Zoo nigeria You are the one pushing Nigeria forward, better keep short if you don't know what to say. Oga Nigeria is moving backwards you guys should stop deceiving yourself because Nigeria had move from bad to worst. Before Nigeria will move forward is when you guys in power accept the fact that you failed and work on your fail. 12juneprotest EndBadGovernanceinNIGERIA