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Nigeria In One Minute

Reserves back to $31b, CBN gives OFIs new BVN deadline

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The nation’s stock of foreign exchange reserves has recorded an upward swing to $31 billion, after declining to a near $30 billion mark two months ago due to market interventions,

The development, which not only showed an understanding of the foreign exchange market dynamics by the apex bank, was also a prove of the stable oil production and relative increase export earnings, particularly from the non-oil sector of the economy.

In the last two months, the international price of crude oil has been unstable, oscillating between $45 per barrel to $51, but has been off-set by stable oil production put at 1.8 million barrels per day.

The new reserves profile is coming on the heels of significant gains in the last two weeks, which were estimated at an average of $200 million and has increased the optimism over CBN’s capacity to sustain interventions in defense of the naira.

Meanwhile, the Central Bank of Nigeria (CBN) has extended the deadline for registration into the Bank Verification Number (BVN) project for Other Financial Institutions (OFIs) to December 31, 2017.

Guardian, August 7, 2017

 

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