Nigeria’s foreign exchange (forex) reserves remained under pressure as the country struggles with leftovers of previous forex management stance and anxieties
) reserves remained under pressure as the country struggles with leftovers of previous forex management stance and anxieties over recent changes in forex policies.
Capital importation tracks offshore financial inflows, including credit and deposits as well as physical capital, by tracing banking transactions and Customs data. He noted that Nigeria’s gross external reserves remain a subject of controversy, while published data showed a gross external reserves position of $33.23 billion on a 30-day moving average basis, the backlog of unsettled forward contracts is estimated at $6.8 billion and airline-trapped funds are approximately $800 million.
“The answer is simply that mismanaged debts and liabilities with no tangible assets to show need to be followed by project-specific borrowing and proper governance going forward,” Rewane stated, in a weekend review. Afrinvest, however, downgraded its capital importation estimates for the year from $6.2 billion to $4.8 billion, citing forex illiquidity, unrelenting inflation, need for firmer CBN guidance and yields expansion in Advanced markets.
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