Listen to ABR

Nigerian External Reserve Down $11Billion in 10 Months, Headache Defying All Remedies

Sep 15, 2020 02:47 PM
Nigerian External Reserve Down $11Billion in 10 Months, Headache Defying All Remedies Africa Business Radio, Newscast, Business A.M, Podcast in Africa, News express, Nigeria, Foreign Reserve, Podcast, Africa Business News

DATA FROM THE CENTRAL BANK OF NIGERIA (CBN) shows that despite hitting a high figure of approximately $45.17 billion as of June 2019, Nigeria’s external reserve has been on a downward spiral since then, losing well over $11 billion in ten months. Recent statistics from the apex bank revealed that external reserves have fallen below the threshold as required by the Central Bank of Nigeria (CBN) Act of 2007. In summary, the Act says that the CBN must at all times, maintain a reserve level that should be able to fund or sustain two (2) years’ worth of imports.

0:00 / 0:00

Get the latest headlines and unique ABR stories, sent every weekday.

Micos Chicken and Waffles

Upcoming Events

Wed 17

ABR social sensitization on HIV & AIDs

Jul 17 @ 07 AM - Jul 24 @ 05 AM

Job Listing

Software Developer

Google
2019-07-31
×

Newscast

News Updates

  • WHO Warns Of Alarming COVID-19 Spread In Europe

  • Israel’s Normalization Deal Being Considered By Five More Countries

  • Israel’s Normalization Deal Being Considered By Five More Countries

  • U.N. Food Chief Urges Billionaires To Step Up To Help World's Starving

  • Nigerian Government Says COVID-19 Vaccines Will Not Be Available Until Next Year

  • Federal Inland Revenue Service Rakes N438bn From Non-Oil Tax Revenue In July

  • Nigerian Government Orders Account Holders To Fill Self-Certification Forms

  • Nigerian Petroleum Corporation Records N20.36bn Trading Surplus in July

  • Nigerian Government Launches Central Database For Recovered Stolen Assets

  • Nigerian President Signs Nigeria Police Bill 2020 Into Law