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The Central Bank of Nigeria (CBN) has warned that the country’s foreign exchange reserves are facing significant risks. This development is attributed to multiple factors, including the removal of petrol subsidies, declining crude oil revenues, increased external debt servicing obligations, and rising import bills. These challenges are putting additional strain on Nigeria’s ability to maintain its foreign reserves.
The CBN highlighted that these economic pressures could have far-reaching implications on the nation’s fiscal stability and its ability to support the foreign exchange market.
For more details, credit goes to Instablog9ja.
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