NewStats: 3,261,368 , 8,173,802 topics. Date: Thursday, 29 May 2025 at 02:56 AM 2g6g5

Nigeria’s foreign reserves fell to $32.29 billion on April 15 — the lowest level in over six years. According to the latest data from the Central Bank of Nigeria (CBN), TheCable Index observed that on March 18, the reserves moved from $34.44 billion — the highest level in 2024 — to $32.2 billion on April 15. The foreign reserves dropped by $2,15 billion or 6.26 percent.

This brings to an end, a period of steady increase between February 5 and March 18, when the FX reserves rose by $1.28 billion.

CBN had attributed the growth to increased remittance payments from Nigerians abroad and heightened interest from foreign investors in local assets, including government debt securities. 

The last time the foreign reserves stood at this level ($32.29 billion) was on September 9, 2017, when the CBN reported N32.28 billion. The decline in foreign reserves comes amid CBN intervention in the parallel market in a bid to crash the FX rate.

On February 27, the apex bank allocated $20,000 to each bureau de change (BDC) operator at the rate of N1,301/$, while the second tranche of $10,000 was sold to the BDCs at the rate of N1,251/$. On April 8, the apex bank began the third tranche of sales to BDCs at N1,101/$.

Amid this intervention, the naira appreciated against the dollar in the parallel market, moving from N1,900 per dollar on February 21, to N1,100/$ on April 13.

During the same period, the local currency, at the official window, recovered to N1,136.04/$ per dollar, from N1,551.24/$.

https://www.thecable.ng/nigerias-fx-reserves-drop-to-32bn-lowest-level-in-six-years/amp/

Racoon loves this kind of News.

Just imagine the depletion of the foreign reserves of this nation by these crooks in government. Using it to criminally subsidize fuel and the dollar. Hehehe! I laugh. The lean reserve is being used to sustain the forex. It will still plung, down, depreciate and then worsen some more.

APC scamming NIGERIANS

Golan007:
Racoon loves this kind of News.

"The last time the foreign reserves stood at this level ($32.29 billion) was on September 9, 2017, when the CBN reported N32.28 billion. The decline in foreign reserves comes amid CBN intervention in the parallel market in a bid to crash the FX rate." Think with your brain first.

Racoon:
"The last time the foreign reserves stood at this level ($32.29 billion) was on September 9, 2017, when the CBN reported N32.28 billion. The decline in foreign reserves comes amid CBN intervention in the parallel market in a bid to crash the FX rate." Think with your brain first.

Think with your brain.

The impact on the man on the street is what's most important.

Only fools believe that naira is stabilising without A dip in the foreign reserve. Same thing Emefiele did, that they are crucifying him for.

Government of deception.

Golan007:


Think with your brain.

The impact on the man on the street is what's most important.

A painter of Garri is 3,000 naira. We can see the tinubulating impact on the man that depends on garri for his stomach.

Golan007:
Think with your brain.The impact on the man on the street is what's most important.

What the CBN is doing is a disastrous temporary relief measure. Just as the silly lie and propaganda the government have been conjuring to deceive the zombies.

The ers of this government are more stupid. A govt without any economic transparency enjoy leading stupid people. Birds of the same plumage forage together.

The most foolish Nigerians are APC ers.

See, even a primary School CBN governor can do what Cardoso is doing.

The man is simply dipping a hand in our foreign reserves, share it at subsidised rates for Banks & BDCs to sell to Nigerians at regulated rates.

Same thing Emefiele was doing
.

PressMyButton lwisee OgaFactCheck Pecoleee345 tollyboy5 BreconHills adeememman any comments?

LegendHero you’re needed here, we have to counter this. Tell them that Binance executives looted it and they’ll soon be fished out. Hurry, make something up

Lol, Nigeria media and nonsense sensational reporting.

Below is a quick chart I did on the FX reserve data from CBN. You can see how the foreign reserve move average through the years from 2006 to 2024.

Cardoso paid over $6bn in FX backlog, repayed trillion from the way and means, where do they expect him to see the money aside dipping in the foreign reserve and borrowing from external source?

Even the Bloomberg report that they are all copying and pasting clearly mentioned the above in their report. Just that Nigeria media don't use brain in copying.

To all those kids screaming keep your dollar, how many of una even get dollars lol? For those with dollar, keep it so that your family can cry for you when you lose your life fortune.

God bless Nigeria.

Breeze don dey blow fowl yansh

What's the big deal in a 2 Billion dollar drop? Stop trying to make a mountain out of a mole.

Tinubu the biggest yahoo boy the world has ever seen

Robbing Peter to pay Paul.

There is no special.thinking in using reserves to shore up naira value against dollar. Sadly we are postponing the judgement day. It's more like withdrawing your bank savings to buy food instead of working to make more money.

It'll be a double edge sword if we deplete our reserves and dollar rises again, what will we fall.back to?

Let us keep wasting and pumping the foreign reserve to make dollar rate to fall to #500. Robbing Peter to pay Paul kind of leadership.

Noted.

Stevenson20:
Tinubu is really working my ass....
Make una keep una dollars tight shaa

And also keep your handkerchief closer

Golan007:
Racoon loves this kind of News.

Of course emergency lovers of Nigeria will love the news.

Splashme:
The most foolish Nigerians are APC ers.

See, even a primary School CBN governor can do what Cardoso is doing.

The man is simply dipping a hand in our foreign reserves, share it at subsidised rates for Banks & BDCs to sell to Nigerians at regulated rates.

Same thing Emefiele was doing

.

At splashme, check the screenshot below for your enjoyment.

Increased Production and Exports remain one sure way to strengthen the Naira, not all these superficial bulaba economics they have been scamming us with.

Dittodat:
What's the big deal in a 2 Billion dollar drop? Stop trying to make a mountain out of a mole.

It's about $1.5B and not even up to $2B. Mean while:

PBAT istration met $34 billion in our foreign reserve June 2023.

Off the top of my head :-
-This istration paid $500 million Eurobond in July 2023.

-Paid external debt in Q4- : $900 million

-Paid CBN legacy debt of $7 billion

-Paid ways and means debt of $4 billion

That is $12 billion.

I am aware the government also paid $1 billion to the USA government for weapons in November 2023

We don’t know how much credit line and importation has been paid for. We are yet to see what the government paid for external debt in Q 1 2024.

But let’s cry, because we have a $32.5 billion in our reserves. $1.5 billion drop from where this istration met it despite over $12 billion expenditure.

Hmmm

bullion van here you are.someone should open the bullion van let's check

This news is about business and economy but the mods moved it to the politics section.

This has confirmed the suspicions of the politics behind the tears of those crying over the rise of the Naira and crash of the dollar.

They prefer to cry and they will cry to death.

Seems Aisha was right when she said keep your dollars close.

slivertongue:
APC scamming NIGERIANS

We are all aware that the government utilized about 7b dollars to offset backlog.

Tell us something new

Tinubu is really working my ass....
Make una keep una dollars tight shaa

Enjoy the ride when it's good... Stay strong and tough when the going gets rough... How much longer would the reserves bleed so that Naira would stand strong against the dollar?

Hm

Ok