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External reserves gain $76 5 billion in seven days

In a curious twist of fate last week, there was a breather for the falling foreign exchange reserves. The figures gained an average of $76.5 million in seven days. The gross component gained $83.3 million between July 12 and July 19 to close at $33.17 billion while the liquid part climbed from 32.85 billion to 32.92 billion. The liquid reserve is the component available in cash/or equivalent while gross comprises liquid and blocked portion – part of the asset held in securities and other investments. As of July 19 when the most recent data were published, $251.46 million or 0.76 per cent of the total sum was blocked – the highest proportion since March 29.

David adonriAbiodun adedipeB adedipe associatesCentral bankNigerian autonomous foreign exchangeChief consultantAssociates limitedமைய வங்கிநைஜீரியன் தன்னாட்சி வெளிநாட்டு பரிமாற்றம்தலைமை ஆலோசகர்கூட்டாளிகள் வரையறுக்கப்பட்டவை

External reserves drop by over $100m in three days

Naira weakens against the dollar across trading windows Nigeria’s external reserves fell by $100 million in three days, from June 26 to June 28, as the figures continued to witness historic depletion. x According to data sourced from the Central Bank of Nigeria (CBN), the gross reserves have fallen to approximately $33.4 billion on June 28 against the $33.5 billion balance as of June 25, 2021. The liquid form also fell from an excess of $33.3 billion to $33.2 billion within the three days, leading the country with a shortfall of over $100 billion. The external reserve fell to a fourteen-month as of Monday. The figures have been on a reducing balance since last May 28. They appreciated briefly between May 26 and 28 after which they pulled back.

South africaStan ukejeDavid adonriNigerian national petroleum corporationCentral bankNigerian autonomous foreign exchangeDeputy directorநைஜீரியன் தேசிய பெட்ரோலியம் நிறுவனம்மைய வங்கிநைஜீரியன் தன்னாட்சி வெளிநாட்டு பரிமாற்றம்துணை இயக்குனர்

Nigeria and realities of growing debt burden

Last week was a scary one for millions of Nigerians who have been impoverished by the government’s rising appetite for easy money, including debt, and missteps of statecraft. Scary, not because the government has secured a fresh loan or about to so, but that its officials reminded the people of their aloofness to the real cost of the rising indebtedness and its correlation with other socio-economic variables. x First, in a self-contradictory intervention at the African Development Bank (AfDB) 2021 yearly meetings, the Minister of Finance, Budget and National Planning, Zainab Ahmed, said the debt level was “very healthy and sustainable” but admitted that “we are struggling with revenues, which is what we need to pay our debts.”

South africaBruxelles capitaleMinistry of financeAl qahirahEjeviome otoboZainab ahmedAhmad lawanInternational monetary fundInternational capital market associationInstitute of international financeNational planningWorld bankDebt management officeNigerian autonomous foreign exchangeNational institution forAfrican development bank af

New FOREX Measures May Further Crash Naira, Onuesoke Warns CBN

New FOREX Measures May Further Crash Naira, Onuesoke Warns CBN
thisdaylive.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thisdaylive.com Daily Mail and Mail on Sunday newspapers.

Delta stateSylvester idowuInternational monetary fundEnergy servicesForeign exchangeAsaba international airportCentral bankWorld bankNigerian autonomous foreign exchangeManaging directorChief sunny onuesokeடெல்டா நிலைசில்வெஸ்டர் இதோவுசர்வதேச பண நிதிஆற்றல் சேவைகள்வெளிநாட்டு பரிமாற்றம்

IMF asks CBN to harmonise FX rates for market clearance

IMF asks CBN to harmonise FX rates for market clearance
guardian.ng - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from guardian.ng Daily Mail and Mail on Sunday newspapers.

Jesmin rahmanInternational monetary fundNigerian autonomous foreign exchangeஜெஸ்மின் ரஹ்மான்சர்வதேச பண நிதிநைஜீரியன் தன்னாட்சி வெளிநாட்டு பரிமாற்றம்