Foreign reserves have risen to $34.65bn within eleven days, latest figures from the Central Bank of Nigeria have indicated. The report specifically showed that the foreign reserves rose by $1.
22bn from $33.42bn as of April 29, 2020 to $34.65bn on May 11.
The Central Bank Governor, Mr Godwin Emefiele, during the last Monetary Policy Committee meeting of the banking sector, reiterated the need for government to urgently reduce reliance on oil revenue by gradually diversifying the economy and improving tax collection. He said, “Based on the current downturn in oil prices, staff projections indicate that output in 2020 would be less than earlier envisaged.“The major downside risks to this outlook, however, include the continued spread of COVID-19; further decline in crude oil prices and the reduction in accretion to external reserves; reduced government revenue leading to weak aggregate demand; declining non-oil receipts; as well as infrastructural and security challenges.
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.
Lockdown: 11 killed, 44 injured in Ogun road accidents – Daily TrustEleven persons have died while 44 others sustained injuries in various road crashes in Ondo State since commencement of the lockdown between April 4 and May 8. Mr Babatunde Akinbiyi, the Public Relations Officer of the Ogun Traffic Compliance and Enforcement Corps (TRACE) disclosed this in a statement in Abeokuta on Monday. Akinbiyi explained that …
Read more »
11 killed by Nigeria security agents, others during lockdown -- Rights Commission“The Department of State Services (DSS) also accounted for 1% of the total cases, while a perpetrator representing the other 1% was yet to be determined
Read more »
Gunmen attack Afghan hospital, kill two babies, 11 others
Read more »
El-Rufai announces discharge of 11 Almajiri COVID-19 patientsThe Kaduna State Government, on Tuesday announced that 11 Almajiri coronavirus patients in the State have been discharged after showing full recovery from the virus. The State\u2019s Governor, Nasir El-Rufai, in a tweet via his Twitter account, made the confirmation while announcing that 12 coronavirus patients have been discharged in the State. The tweet read
Read more »
Police, NSCDC, others killed 11 during lockdown –NHRC
Read more »