ADVERTISEMENT
TechEconomy
Tuesday, June 3, 2025
No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Podcast

Home » Nigeria’s External Reserves Fall to $33.004bn

Nigeria’s External Reserves Fall to $33.004bn

…and indication of $520m fall in five weeks

Techeconomy by Techeconomy
December 11, 2023
in Finance
0
Nigeria foreign reserves
Foreign Currencies

Foreign Currencies

RelatedPosts

Tony Elumelu, chairman of UBA

Tony Elumelu Buys N43.9bn Worth of UBA Shares to Boost Stake

June 3, 2025

Naira Appreciates, Closes at N1,582/$1 in Official Market

June 3, 2025

Nigeria’s external reserves have fell to $33.004bn as of December 7, 2023 from $33.396bn as of October 31, 2023, based on figures from the Central Bank of Nigeria (CBN).

According to CBN’s data on movement in reserves, the figures which stood at $33.396bn as of October 31, 2023 fell to $33.004bn as of December 7, 2023.

The CBN had earlier revealed that the reserves which commenced January 3, 2023, at $37.07bn fell to $33.237bn as of September 29, 2023.

Speaking recently at the Chartered Institute of Bankers of Nigeria’s 58th Annual Bankers’ Dinner and Grand Finale of the Institute’s 60th anniversary in Lagos, Olayemi Cardoso, the Governor, CBN, said, in recent years, the continuous decline in Nigeria’s crude oil production had further weakened the already inadequate economic diversification.

He said, “This has led to a decline in government revenue and foreign exchange inflows, while simultaneously witnessing a growth in public expenditures and a deterioration in macroeconomic indicators, which has constrained our policy options. Consequently, we have seen the fiscal deficit and public debt increase, placing additional strain on external reserves and contributing to exchange rate instability.”

A thorough assessment of the economy revealed significant challenges, including high and rising inflation, inadequate foreign exchange supply, depreciation of the exchange rate, limited external reserves, weakened output, and high unemployment, he said.

These challenges, he added, had led to increased interest rates, discouraging investments in productive activities.

Within the banking system, he said, high inflation had affected asset quality and solvency ratios.

Additionally, the persistent depreciation of the naira poses a significant risk for domestic banks with foreign exchange exposures, Cardoso said.

However, he added, “The removal of petrol subsidy and the adoption of a floating exchange rate, among other government policies, are anticipated to have positive effects on the economy in the medium-term.

“These measures are expected to enhance investor confidence, attract capital inflows, stimulate domestic investment, and ultimately improve the level of external reserves.”

[Source] [Image]

Loading

Advertisements
MTN ADS

Author

  • Techeconomy
    Techeconomy

    View all posts
0Shares
Tags: external reservesNigeria foreign reserves
Previous Post

It’s New Dawn for DCSL Corporate Services as it Rebrands

Next Post

CBN Admits there’s Naira Scarcity, Gives Reasons

Techeconomy

Techeconomy

Related Posts

Tony Elumelu, chairman of UBA
Finance

Tony Elumelu Buys N43.9bn Worth of UBA Shares to Boost Stake

by Latifat Fashina
June 3, 2025
0

Tony Elumelu, chairman of United Bank for Africa Plc (UBA), has increased his stake in the bank by purchasing 1,267,669,350...

Read more
NairaWatch, Naira and dollar

Naira Appreciates, Closes at N1,582/$1 in Official Market

June 3, 2025
Agentforce for financial services by Salesforce

Salesforce Introduces Agentforce for Financial Services to Address Shrinking Workforces

June 2, 2025
Segun Alebiosu, CEO, FirstBank China-Africa Interbank Association | FirstBank Agent Credit

FirstBank Disburses N1billion in One Day via Agent Credit Scheme

June 2, 2025
America Debt - IMF

Can AI Save America from its Debt Spiral

May 31, 2025
Nigeria economy by FBNQuest, Naira currency, Nigeria's currency, strongest currencies

Naira Holds Steady at N1,586/$1 in Official Market

May 31, 2025
Next Post
Naira - Photo Credit - AXA Mansard, naira scarcity

CBN Admits there's Naira Scarcity, Gives Reasons

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Techeconomy Podcast

Techeconomy Podcast
Techeconomy Podcast

Infowave is brought to you by TechEconomy. Every week we will bring new stories from startups and influencers who are shaping and changing the world we live in. We’ll also bring you reports on topics you should know.

Follow us @techeconomyng for more.

TECH TALK EPISODE 2
byTecheconomy

PRODUCTIVITY AND WORK-Life Balance

TECH TALK EPISODE 2
TECH TALK EPISODE 2
May 22, 2025
Techeconomy
CYBERSECURITY ESSENTIALS
April 24, 2025
Techeconomy
Digital Marketing Trends and strategies for 2025 and beyond
February 27, 2025
Techeconomy
Major Lesson for Techies in 2024 and Projections for 2025
December 6, 2024
Techeconomy
Major Lessons for Techies in an AI-Driven World | Techeconomy Business Series Highlights
November 26, 2024
Techeconomy
Maximizing Profitability Through Seasonal Sales: Strategies For Success
November 8, 2024
Techeconomy
Techeconomy Business Series
October 15, 2024
Techeconomy
PRIVACY IN THE ERA OF AI: GETTING YOUR BUSINESS READY
May 30, 2024
Techeconomy
Unravel the Secrets of Marketing Everywhere All At Once with Isaac Akanni from Infobip | Infowave Podcast Episode 1
February 9, 2024
Techeconomy
The Role of Ed-tech in Life Long Learning and Continuous Education
October 19, 2023
Techeconomy
Search Results placeholder

WHAT IS TRENDING

https://www.youtube.com/watch?v=g_MCUwS2woc&list=PL6bbK-xx1KbIgX-IzYdqISXq1pUsuA4dz

Follow Us

  • About Us
  • Contact Us
  • Careers
  • Privacy Policy

© 2025 Techeconomy - Designed by Opimedia.

No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS

© 2025 Techeconomy - Designed by Opimedia.

Translate »
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.