NewStats: 3,264,682 , 8,184,407 topics. Date: Thursday, 12 June 2025 at 02:27 AM 5y6b43

The country’s external reserves lost $180m in two weeks, the latest figures obtained from the Central Bank of Nigeria showed on Sunday.

According to the figures, the reserves, which stood at $33.28bn on July 1, dropped to $33.09bn as of July 12 before gaining slightly to rise to $33.1bn on July 15.

The reserves lost $905.5m in June, after it fell to $33.32bn at the end of June 30 from $34.23bn on May 31.

The reserves stood at $34.88bn at the end of April 30, according to the CBN.

A member of the Monetary Policy Committee, Adeola Adenikinju, said at the last meeting that as a country, the excessive dependence on oil for revenue and foreign exchange sustenance was no longer tenable in the medium and long term.

He said, “We need to diversify the economic and revenue base of the economy to reduce our exposure to external shocks as well as prepare the economy for the global shift from fossil fuel to green economy.

“It should not be business as usual for our economic managers. The economy also needs a strong buffer to mitigate external volatility.”

Another member of the MPC, Ahmed Aliyu, said beyond the decline in oil prices was the growing paradigm shift from oil to a green economy which posed a threat to future oil demand.

The CBN report at the end of the MPC meeting showed that the share of fossil fuels was set to decline from the current 85 per cent of total primary energy demand in 2018 to between 20 and 65 per cent by 2050.

It said as such, crude oil demand was forecast to decline, led by the evolution of electric, hydrogen and biofuel-powered means of transport.

It stressed the need to diversify the Nigerian economy.

It said in addition to adopting new technologies that ed the agenda of the green economy, Nigeria’s developmental objectives should also focus on encouraging non-oil export promotion to improve the country’s trade balance and increase the accretion to external reserves.

https://punchng.com/external-reserves-drop-by-180m-in-two-weeks/

Nothing, no section is working under Apc regime

Lol, so you all think the illegal abduction and kidnap of MNK was a cheap bargain, the external reserve taken a toll is what lead to the successful kidnap of MNK by the bokobuhari presidency..

Buhari? This name will remain bad book of Nigerians forever.
Failed in all ramifications. Military, civilian rules, business and even in academic record.

Besides Buhari, all previous governments have been shouting "diversify economy, diversify economy". Yet nothing have come out of those shouts.
Buhari is only continuing the trend.
I wonder if we the citizens are the one to diversify the economy

Great

He said, “We need to diversify the economic and revenue base of the economy to reduce our exposure to external shocks as well as [/b]prepare the economy for the global shift from fossil fuel to green economy[b]

Can't wait to see oil drying out in the Saud... I like us to go back to 17 or 80 ways of surviving, see how fcking these people will feed themselves without arable land

This is what you get when you have devourer in power

Truth be told, this govt does not have a good economic team.


If only they itted this and sought help from gurus in opposition parties. That will show they love the country and its citizens.



Sadly, the reverse is the case. They are simply running the country aground...

Change
APC

Nigeria as a country right now....

It is well with my soul..

istration with no economic sense

Buhari don use back door cash out 180mili usd

It's funny that at every opportunity this government trumpets the universal truth; we need to diversify from oil. But the irony is that the same government is spending billions of dollars searching for elusive oil in the North.

By the time this government is done with this country, the reserve will turn to drainage.

Just wow!

The question should be why do we keep our reserve in dollars? This is global imperialism attack on so called third world countries. Africa is the richest continent in the world. Americans and Europeans should keep their reserve in naira instead. Rubbish!

Tantumego:
Lol, so you all think the illegal abduction and kidnap of MNK was a cheap bargain, the external reserve taken a toll is what lead to the successful kidnap of MNK by the bokobuhari presidency..

Quite shallow from you!!

Are you sure we still have #1 in that . .

Because this Buhari govt you can't trust them with money. It's all audio . .

timesup234:
The question should be why do we keep our reserve in dollars? This is global imperialism attack on so called third world countries. Africa is the richest continent in the world. Americans are Europeans should keep their reserve in naira instead. Rubbish!

You must be a comedian!

Why wont it drop wen Lie Mohammed used his verified ministry social media page to beg Cubana to loan Nigeria funds

[s]

Bedtec:
Nothing, no section is working under Apc regime

[/s]

Everything that was working in PDP ended up leaving a foreign reserve less than $28B despite high oil prices and crippling debt.

You don't expect growth with Buhari as president. Do you?

It will drop to zero and head to minus.

They are building power stations at Zinder and Marada in Niger republic..
Buharis uncle's complained of excessive heat so he's trying to help the family..

Sai Baba
Sai Change
Sai Next level
Sai BMC
Sai El Chicago drug lord
Sai Economy

Sad Baba

vedaxcool:
[s][/s]

Everything that was working in PDP ended up leaving a foreign reserve less than $28B despite high oil prices and crippling debt.

keep talking trash. Don't tell yourself the truth early enough. keep deceiving yourself.

Just mention 1 thing that has changed to good since buhari became the president.

180million dollars , its means an average musician like rhianna can even buy nigeria with her networth of 600million dollars not to talk of kenya west with 6billion dollars.

Buhari economy

Tantumego:
Lol, so you all think the illegal abduction and kidnap of MNK was a cheap bargain, the external reserve taken a toll is what lead to the successful kidnap of MNK by the bokobuhari presidency..

Them don brainwash this use the brain fry akara
Kanu and foreign reserve, see mumu

Deltafirstson:
Buhari? This name will remain bad book of Nigerians forever.
Failed in all ramifications. Military, civilian rules, business and even in academic record.

Robert Greene's 10th Law of Power :

Infection : Avoid the unhappy and unlucky.



The President is a cancer, eating away at the fabric of a fragile country. We are on a precipice. The centre won't hold any further!

vedaxcool:
[s][/s]

Everything that was working in PDP ended up leaving a foreign reserve less than $28B despite high oil prices and crippling debt.

How has apc done better than PDP?