Foreign Reserves Drop By $1.64bn In Five Weeks - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Publisher (F.BA)
February 24, 2020
Nigeria’s foreign exchange reserves have dropped by 1.64billion dollar from 38.34 billion dollars on January 15, 2020 to 36.69 billiondollars on February 20.
The Central Bank of Nigeria, CBN announced that the reservesstood at 38.53 billion dollars on January 2, 2020.
According to the figures, the reserves dropped from 39.8billion dollars on November 11, 2019 to 39.24 billion dollars on December 13,after falling by 1.26 billion dollars from 41.76 billion dollars on October 2to 40.5 billion dollars as of the end of October.
CBN Governor, Godwin Emefiele has recently said Nigeria’soverdependence on crude oil for over 60 per cent of fiscal revenue and over 90per cent of forex inflows meant that shocks in the oil market were transmittedentirely to the economy via the forex markets as manufacturers and traders whorequired forex for input purchases were faced with dwindling supplies.
He added that average monthly inflows of forex into the CBNfell from over 3.4 billion dollars in June 2014 to a low of 1.4 billion dollarsin September 2016.