CBN Removes $58.8bn Reserve Figure After Sudden $3.7bn Jump

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Nigeria’s gross foreign reserves briefly rose from $55.1 billion to $58.8 billion, a $3.7 billion increase recorded over a weekend. The sharp movement raised questions about whether the increase came from Eurobond proceeds, oil receipts or a drawdown from the $5 billion FAB facility. The CBN later removed the $58.8 billion figure from its website, returning the displayed reserve level to $55.1 billion. Clearer explanation is needed on what caused the discrepancy.

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