The Central Bank of Nigeria (CBN) has revealed, in its data on movement on gross foreign reserves, that the country’s foreign reserves, which were $37.1 billion as of January 3, 2023, fell to $33.1 billion by February 8, 2024.This represents a 10.7 per cent decline ($4 billion) in foreign reserves. Consequently, the number of months of imports equivalent declined from 7.6 months in January 2023 to 6.8 months as of February 8, 2024
February 27, 2024
Nigeria Economic Update (Issue 6)
Related
Nigeria Economic Update (Issue 37)
OPEC Monthly oil report reveals that Nigeria
recorded the highest month-on-month increase in crude oil production among the
OPEC member countries in August 2017. Specifically, at an increasing rate of 8
percent, domestic oil production rose to pre-2016 level of 1.86 million barrels
per day in August 2017. With ongoing repairs in the sector, oil
production could get to 2.2 million barrels per day in the near term, albeit
the prior voluntary agreement to cap production at 1.8 million barrels per day.
Going forward, there is need to address poor planning and policy
inconsistencies in the sector, in order to ensure the influx of investors who
have channeled their investments to other African countries due to laxity in
policies in the sector.
Nigeria Economic Update (Issue 36)
global Value
Nigeria Economic Update (Issue 15)
Nigerian
Naira depreciated by 1.2 percent at the parallel foreign exchange market
between April 7, 2017 and April 14, 2017. The naira exchanged at N410/$ as
against N405/$ the previous week. Despite the CBNs weekly dollar
sales to BDCs ($20,000 to each BDC in the review week) and spot market sales of
$100 million to SMEs, the nairas depreciated in the week. This may
likely be attributable to speculative motives (on the basis that speculators
likely anticipate that the CBN forex interventions may not be sustainable).