₦airaland Forum

Nigeria’s foreign reserves drop by $2bn in one month to five-month low of $37.1bn


Nigeria’s foreign reserves have fallen to a five-month low of $37.1bn as shown by a new report from the Central Bank of Nigeria (CBN). The figures, which are posted on the bank’s official website, show that the reserves decreased by $2bn in one month, from $39.1bn on October 21, 2014 to $27.1bn on November 21, 2014.

In June this year, Nigeria’s foreign reserves were at $39.1bn as it did on October 21. The external reserves have fallen due to decreasing oil prices and higher demand for dollars from portfolio investors who are pulling foreign currency out of the country. To help prop up the value of the naira, the CBN has been selling large amounts of dollars and has said it will continue to defend the naira, which has fallen 10 percent this year.

Although the naira fell against the dollar to N180 per dollar last week, industry analysts are optimistic that the naira will close at an acceptable N170 at the interbank market by the end of the year.

Let's see what Okonjo Iweala has to say

DaBullIT:
Let's see what Okonjo Iweala has to say

Is it her fault or the governors and assembly members who kicked against her clamour for a lower bench mark in order to build up our foreign reserve with the extra dollars.


Be sincere for once

BlackTechnology:
Is it her fault or the governors and assembly members who kicked against her clamour for a lower bench mark in order to build up our foreign reserve with the extra dollars.


Be sincere for once

I'm always sincere , being in charge of finance , I doubt that anything goes by without her approval , or consent

DaBullIT:
I'm always sincere , being in charge of finance , I doubt that anything goes by without her approval , or consent

Were you in space when she insisted on the benchmark being $75 but Tambuwal and Osun governor etc said the benchmark should be increased to make more money available for states

DaBullIT:
Let's see what Okonjo Iweala has to say

Is Okonjo Iweala the cause of the drop in oil prices?