The nation’s foreign exchange reserves fell by 4.9 per cent to $29.79bn on March 30, from $31.35bn in February, data from the Central Bank of Nigeria on Tuesday showed.


Year-on-year, the reserves fell by 21.3 per cent from $37.83bn in March 2014 to stand at the new balance of $29.79bn on Monday, the data showed.

The external reserves have continued to drop at a faster pace due to low demand for the nation’s crude oil and its falling prices globally.

Nigeria derives 70 per cent of its revenue and 90 per cent of its foreign exchange from crude oil.

The central bank has been using the reserves to support the ailing naira, which has been hammered by the falling global oil prices and uncertainty over the just concluded presidential elections.

Economic and financial analysts linked the huge drop in the stock of external reserves to political spending, falling oil prices, which have put pressure on the local currency, and speculative demand for the dollar by foreign exchange dealers.


Source:http://nairausd..com/

It is well with us.
may 29th it is!

The foreign reserve is going to fall even more from now till May 29th. There is going to be massive looting by Jonathan presidency. My prayer is that Buhari probe the current government and any body that is found guilty should be prosecuted and order to refund money stolen

FORIEGN RESEREVE IS 100% CRUDE OIL


THEN OME OLODOS WILL SAY NIGER DELTA OIL IS USELESS

Raiders:
The foreign reserve is going to fall even more from now till May 29th. There is going to be massive looting by Jonathan presidency. My prayer is that Buhari probe the current government and any body that is found guilty should be prosecuted and order to refund money stolen

My bro you harsh oh!

U now even hapi say oga jo do beta tin for dis elecsion .

Chai!mehn.

I really want those anti SS/SE who said we don't need ND oil to explain how we going to increase our FRA with Crude OIl

vladimiros:
I really want those anti SS/SE who said we don't need ND oil to explain how we going to increase our FRA with Crude OIl

My bro they all know the truth.

Any crises in the Niger Delta, Nigeria will become an economic wreck and might be same for the next four years.

We are so crude oil dependent.

Flets:
Any crises in the Niger Delta, Nigeria will become an economic wreck and might be same for the next four years.
We are so crude oil dependent.

You said that truth.

Remember President Jonathan is trying to diversify the revenue base for the Government.

E son dey finish small small

Jona don carry $30 BILLY!!!!
PHOCK ASSO ROCK JOR!!!!!

Goooooooooo JONA!!!!!!

Jonathan on the looting spree

We will be very lucky to have 5 billion dollars by may 29.



Obasnjo left the foreign reserves at 30 billion dollars in 2007, Yar'adua increased it to 65 billions dollars. Look at what we have today. Billions had dissappeared.

crownprince102:
We will be very lucky to have 5 billion dollars by may 29.
Obasnjo left the foreign reserves at 30 billion dollars in 2007, Yar'adua increased it to 65 billions dollars. Look at what we have today. Billions had dissappeared.

Please you guys should stop saying this.

Boss13:
Jonathan on the looting spree

The devil you know is better than the angel you don't know.

My brother please keep this in mind.