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LequteMan
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Nigeria’s external reserves on Friday dropped to about $28.2 billion, it's lowest point since 2005,data on the website of the Central Bank of Nigeria (CBN) say.
CBN had jealously guarded Nigeria's exchange reserves by dishing out several policies that are mostly viewed as capital controls, while President Buhari has also vowed not to devalue the naira.
Recently, the apex bank announced that it will be stopping the sale of forex to Bureaux De Change (BDC) operators, and also permitted banks to receive forex deposits.
The fall in oil prices prompted the CBN to make this decision, as the foreign exchange reserves had depleted from $37.3 billion in June 2014 to $28 billion when the decision was taken.
CBN had jealously guarded Nigeria's exchange reserves by dishing out several policies that are mostly viewed as capital controls, while President Buhari has also vowed not to devalue the naira.
Recently, the apex bank announced that it will be stopping the sale of forex to Bureaux De Change (BDC) operators, and also permitted banks to receive forex deposits.
The fall in oil prices prompted the CBN to make this decision, as the foreign exchange reserves had depleted from $37.3 billion in June 2014 to $28 billion when the decision was taken.
