Vanguard News
Remittances inflow and the Economy
On
By Babajide Komolafe
Adeshola Akiniyi is one of the over 1.24 million Nigerians in Diaspora. He has been living in the United Kingdom for over 20 years.
Adeshola works 16 hours a day, spending most of the spare time shuttling between the three jobs, needed to generate earnings, from which he regularly sends money to his wife and three children back in Nigeria.
While his four dependents, who live in Abesan, Alimosho Local Government, may not be familiar with the word, ‘remittances’, they however know that most of the money they spent on foods, clothes, and school fees come from their dad who lives and works abroad.
Vanguard News
External reserves shed $567m in 2wks
On Rewane
The nation’s external reserves fell by $567 million in the first two weeks of this month.
According to the latest data from the Central Bank of Nigeria (CBN), the reserves dropped to $34.846 billion on Tuesday December 15th from $35.413 billion on Friday November 27th.
The trend indicates that the reserves has lost $1.748 billion since May 29th, 2020, when it peaked at $36.594 billion.
The downward trend in the reserves, according to analysts at Financial Derivatives Company Limited, is expected to continue due to increased dollar sales by the CBN coupled with lower foreign exchange earnings from oil and non-oil receipts.