The Central Bank of Nigeria has revealed that lower crude oil earnings, fuel subsidy removal, lower import bills and increased external debt servicing obligations are potent dangers for the country’s external reserves growth by the 2024/2025 fiscal year.
The apex bank disclosed this in its Monetary, Credit, Foreign Trade and Exchange Policy guidelines for fiscal years 2024/2025. According to CBN , lower crude oil earnings, fuel subsidy removal, lower import bills and increased external debt servicing obligations are major determinants of the overall economic growth of Nigeria.
“The positive outlook is supported by the sustenance of crude oil price, propelled by the decision to cut production, and gains from capital flows and remittances. “However, 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 reserves.
Nigeria\U2019s External Reserves
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
CBN: Nigeria's external reserves at risk due to petrol subsidy removalCBN says the country’s foreign exchange reserves are at risk due to the petrol subsidy removal and lower crude oil earnings.
Read more »
SERAP demands details of Chinese loans, external debts from Wike, govsThe Socio-Economic Rights and Accountability Project (SERAP) has called on Nigeria's 36 state governors and the Minister of the Federal Capi
Read more »
Fuel Subsidy: Nigerian Govt to engage external auditor on NNPCL N2.7tn claimThe Nigerian government has announced plans to engage an external auditor to audit the Nigerian National Petroleum Company Limited's N2.7 trillion fuel subsidy claim. This is according to recent minutes of the Federal Allocation Account Committee seen by DAILY POST on Tuesday.
Read more »
S’Court reserves judgment in Bayelsa guber dispute, rejects Ajaka’s request in KogiThe Supreme Court, yesterday, dismissed an application by the candidate of the Social Democratic Party (SDP) in the last governorship
Read more »
Court reserves ruling on Binance executive’s fresh bail applicationThe Binance executive, who was previously denied bail by the trial court a few months ago, is standing trial along with the company in Abuja on money laundering charges.
Read more »
Rivers LG Election: Court reserves judgment in APC’s suit against INEC, othersThe Federal High Court in Abuja has reserved judgment in the suit filed by the All Progressives Congress, APC, against the Independent National Electoral Commission, INEC, against the conduct of local government election in Rivers State. Justice Peter Lifu said that a date for the judgment would be communicated to parties to the suit.
Read more »