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“Lower crude oil earnings, the removal of fuel subsidies, increasing import bills, and growing external debt servicing obligations pose downside risks to external reserves,” the CBN added.
The Central Bank of Nigeria (CBN) has warned that the removal of fuel subsidies, rising import costs, and increased external debt servicing could negatively impact the growth of the nation’s external reserves in 2024/2025.
“The outlook for Nigeria’s external sector in 2024/2025 is optimistic,” the CBN stated, citing expectations of favorable trade terms due to higher crude oil prices and improved domestic oil production..
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