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From 2020 to last year, Nigeria lost, at least, N8 trillion to rent seekers who explore the multiple rates in the foreign exchange (FX) market to rip off the country, data obtained by The Guardian yesterday have shown.
• World Bank calls for sovereign debt changes ahead of looming recession • Cold attitude to reforms harming domestic investment outlook, experts say • ‘Challenge western countries but with better policy options’ • Nigeria’s Eurobond rises by about 100% in six months Nigeria is gradually inching towards a financial ‘blockade’ at the international financial market, […]
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 bi...
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