This is almost inevitable since Nigeria relies heavily on crude oil sales to generate revenue and the price has been falling in the last few months...
Foreign reserves fell to $35.95 billion by December 8, down 19.3 percent from a year earlier as the Central Bank of Nigeria (CBN) stepped up its defence of the naira, figures on the CBN”s website showed.
The reserves of Africa’s biggest economy and top oil producer fell from $44.53 billion in same period last year. Reserves stood at $37.98 billion a month ago, the data showed on Wednesday.
The naira has fallen 12.1 percent against the dollar this year, including a one-off, 8 percent devaluation by the central bank last month, as global oil prices plunged.
Source: Business Day
No comments:
Post a Comment