Nigeria’s foreign reserves continued its downswing after a reduction by $220 million in four days, to shut at $37.242 billion.
This was revealed by the Central Bank of Nigeria (CBN) on Wednesday.
The reserves stood at $37.462 billion as ultimately Friday.
Worth of crude oil within the international market conjointly fell by $1.63 to shut at $82.40 per barrel. The event affected the naira because it fell against the dollar by N1.15 to shut at N162.40/$1 Wednesdayy, from N161.25/$1 on Tuesday.
The Director-General, Budget office of the Federation (BOF), Dr. Bright Okogu, had allayed fears that within the short term, the drop in worth of crude oil, occasioned largely by the Euro zone debt crisis, might have a negative impact on the implementation of the budget and place pressure on the Central Bank of Nigeria (CBN) to devalue the naira.
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Category: Business News in Nigeria