Nigerians’ reliance on imported food products surged in the third quarter of 2024, as foreign exchange (FX) demand for the sector climbed by 16% quarter-on-quarter (q/q) to $633.6 million, according to data from the Central Bank of Nigeria (CBN)’s quarterly statistical bulletin. The sharp increase contrasts with an overall decline in FX demand across other sectors, underscoring rising costs or …

Nigeria’s foreign reserves fell to $32.29 billion on 15 April, the lowest in over six years. According to the latest data from the Central Bank of Nigeria (CBN), the reserves moved from $34.44 billion, the highest level in 2024, to $32.2 billion on 15 April. The foreign reserves dropped by $2.15 billion or 6.26 per cent. This brings to an …