Photo credit: DiasporaEngager (www.DiasporaEngager.com).
Nigeria’s external reserves rose slightly to $34.49 billion on March 21, 2024. The increment could be attributed to multiple factors including inflow of foreign capital and an increase in global oil prices. Given the crucial role of foreign reserves in fulfilling import obligations and stabilizing exchange rates, the government must prioritize initiatives to bolster reserves and prevent depletion. A stronger Naira against the US Dollar hinges on the country’s foreign reserve levels. Additionally, diversifying export earnings beyond crude oil sales, the primary source of foreign earnings, is imperative.
Source of original article: CSEA AFRICA – CENTRE FOR THE STUDY OF THE ECONOMIES OF AFRICA (cseaafrica.org).
The content of this article does not necessarily reflect the views or opinion of Global Diaspora News (www.GlobalDiasporaNews.com).
To submit your press release: (https://www.GlobalDiasporaNews.com/pr).
To advertise on Global Diaspora News: (www.GlobalDiasporaNews.com/ads).
Sign up to Global Diaspora News newsletter (https://www.GlobalDiasporaNews.com/newsletter/) to start receiving updates and opportunities directly in your email inbox for free.
