CBN says the country’s foreign exchange reserves are at risk due to the petrol subsidy removal and lower crude oil earnings.
The Central Bank of Nigeria says the country’s foreign exchange reserves are at risk due to the petrol subsidy removal and lower crude oil earnings.In its ‘Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the Fiscal Years 2024-2025,’ published on Tuesday,
“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,” CBN said.“In addition, the sustained monetary policy tightening by central banks across advanced economies increases the risk of capital outflow.”
CBN also said the positive outlook is supported by the sustenance of crude oil prices, propelled by the decision to cut production, and gains from capital flows and remittances.that Tinubu approved a request by the Nigerian National Petroleum Company Limited to utilise the 2023 final dividends due to the federation to pay for the petrol subsidy.reach an all-time high in 2024Also, the apex bank said“Nigeria’s output growth is expected to maintain a positive trajectory in 2024/2025,” CBN said.
“Domestic prices are expected to remain elevated through 2024/2025, on the back of spillovers from global supply constraints, and exchange rate pass-through. More so, the persisting security and infrastructural challenges could exacerbate inflationary pressures.“The performance of the fiscal sector is expected to remain on a positive recovery trajectory in 2024/2025.
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