Forex scarcity due to falling crude oil price forced the Central Bank of Nigeria to access the country's foreign reserves to make forex available in the economy; NIKE POPOOLA reports that this gulp...
Forex scarcity due to falling crude oil price forced the Central Bank of Nigeria to access the country’s foreign reserves to make forex available in the economy;The country’s foreign reserves which stood at $38.07bn at the end of 2019 fell to $34.9bn at the end of the first quarter of 2020.
The CBN had technically devalued the naira after all interventions in the market such as imposing sanctions on errant operators and use of moral suasion to curb illegal forex operations did not sustain the exchange rate. According to him, the merger of the different rates became necessary to build confidence in the sector.
However, the foreign reserves which had been declining for many months returned to a growth path in May 2020. Emefiele, who chaired the MPC meeting, said, “Based on the current downturn in oil prices, staff projections indicate that output in 2020 would be less than earlier envisaged.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Charles Okpaleke: A Walk Down The Classics LaneIn the early 1990s, a Nigerian businessman, Kenneth Nnebue, had just shipped in empty videocassettes from Taiwan. To hasten the sales of the cassettes, the business-minded Nnebue decided to write alongside Okechukwu Ogunjiofor and shoot Nigeria’s first home video in 1992, Living in Bondage.
Read more »
Army 38: Nigeria’s Defence Chief, Olonisakin risks imprisonmentThe National Industrial Court (NIC) has ruled that a contempt of court charge be filed against the Chief of Defence Staff (CDS), Gen. Gabriel Abayomi Olonisakin, over the alleged refusal to comply with valid orders. Olonisakin may be committed to two years imprisonment if found guilty. PRNigeria reports that the leave to file the charge
Read more »
Foreign airlines may resume flights to Lagos, Abuja airports June
Read more »
Foreign policy expert weighs in on ex-Diplomat's spat against Gambari – Daily TrustProfessor of Political Science and International Relations, Hassan Salihu has reacted to the trending piece written by Ambassador Dapo Fafowora, a former diplomat against Professor Ibrahim Gambari, the new Chief of Staff to President Muhammadu Buhari. Following the appointment of Gambari, Fafowora had shared a part of his memoir where he accused the new Chief …
Read more »
Military airstrike kills terrorists, destroys facilities in Sambisa forest – DHQThe Defence Headquarters says Boko Haram terrorists in the Sambisa Forest of Borno have been set in disarray, following massive air strikes..
Read more »
Military airstrike kills terrorists, destroys facilities in Sambisa forest – DHQ“We shall not relent until peace and normalcy are restored not only in the Northeast but also in every other troubled region of our beloved country.”
Read more »