By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
NewsunplugNewsunplugNewsunplug
  • Home
  • News
  • Politics
  • Metro
  • Entertainment
  • Sports
  • Lifestyle
  • Journal
Reading: Nigeria’s external reserves at risk due to petrol subsidy removal – CBN
Share
Notification Show More
Font ResizerAa
Font ResizerAa
NewsunplugNewsunplug
  • Home
  • News
  • Politics
  • Metro
  • Entertainment
  • Sports
  • Lifestyle
  • Journal
Search
  • Home
  • News
  • Politics
  • Metro
  • Entertainment
  • Sports
  • Lifestyle
  • Journal
Have an existing account? Sign In
Follow US
Newsunplug > Blog > News > Nigeria’s external reserves at risk due to petrol subsidy removal – CBN
News

Nigeria’s external reserves at risk due to petrol subsidy removal – CBN

Godson
Last updated: September 18, 2024 6:12 am
Godson
Published: September 18, 2024
Share
SHARE

The Central Bank of Nigeria (CBN) has expressed concerns over the country’s foreign exchange reserves, citing potential risks stemming from the removal of the petrol subsidy and lower crude oil earnings.

As of September 12, 2024, Nigeria’s external reserves stood at $36.08 billion, according to CBN data.

In its newly published ‘Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the Fiscal Years 2024-2025,’ the CBN highlighted the challenges posed by increased external debt servicing obligations, which could negatively impact the growth of external reserves during the period.

The CBN said;

“Lower crude oil earnings, fuel subsidy removal, rising import bills and increased external debt servicing obligations could pose downside risks for the accretion to external reserve.

In addition, the sustained monetary policy tightening by central banks across advanced economies increases the risk of capital outflow.”

Despite these challenges, the CBN remains optimistic about Nigeria’s external sector outlook for 2024 and 2025. The regulator expects favourable terms of trade, driven by a sustained rally in crude oil prices and improvements in domestic crude oil production.

Additionally, the CBN noted that this positive outlook is bolstered by the continued rise in crude oil prices due to production cuts, as well as capital inflows and remittances contributing to the country’s foreign reserves.

 

You Might Also Like

New York appeals court reinstates gag order against Donald Trump in civil fraud trial
NMA Demands MoU As FG Okays N25,000 Doctors Allowance
Naira depreciates to N1,300 per dollar in official market
Eid-el-Kabir: NSCDC Deploys 40,000 Personnel, Assures Safety
‘Reject Wike’s plan to spend N15bn on ‘befitting residence’ for VP Shettima’ – SERAP tells Senate president Akpabio

Quick Link

  • My Bookmark
  • Interests
  • Contact Us
  • Blog Index
Share This Article
Facebook Twitter Email Print
What do you think?
Love0
Sad0
Happy0
Sleepy0
Angry0
Dead0
Wink0

Recent Posts

  • Super Falcons star Tosin Demehin signs new Galatasaray deal
  • Football star Neymar confronted by angry Santos fans and ‘threatened with violence’ after worst defeat of his career left him in tears (Video)
  • Those behind staged kidnappings deserve punishment – Senator Nwoko
  • #Transfer: I feel sorry for Crystal Palace – Michael Owen on Eze, Guehi
  • Nigeria deports 51 foreigners jailed for cyberterrorism and internet fraud

Recent Comments

No comments to show.

Categories

  • ES Money
  • U.K News
  • The Escapist
  • Insider
  • Science
  • Technology
  • LifeStyle
  • Marketing

About US

We influence 20 million users and is the number one business and technology news network on the planet.
Quick Link
  • My Bookmark
  • Interests
  • Contact Us
  • Blog Index
Top Categories
  • My Bookmark
  • Interests
  • Contact Us
  • Blog Index

Subscribe US

Subscribe to our newsletter to get our newest articles instantly!

[mc4wp_form]

Top Categories

  • Entertainment

Categories

  • ES Money
  • U.K News
  • The Escapist
  • Insider
  • Science
  • Technology
  • LifeStyle
  • Marketing

About US

We influence 20 million users and is the number one business and technology news network on the planet.
Quick Link
  • My Bookmark
  • Interests
  • Contact Us
  • Blog Index
Top Categories
  • My Bookmark
  • Interests
  • Contact Us
  • Blog Index

Subscribe US

Subscribe to our newsletter to get our newest articles instantly!

[mc4wp_form]
© 2023 Newsunplug | All Rights Reserved.
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?