L
LequteMan
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Nigeria's foreign reserves according to data from the Central Bank, have reported its lowest year-on-year drop in the last four years. The drop was especially slowest in the past year, records say.
From April 2015 to April 2016, the country’s reserves dropped by $2.9 billion as against $7.8bn within the corresponding period of April 2014 to April 2015. The reserves also fell by $11.6 billion from April 2013 to April 2014.
The reserves has been decreasing since 2013 due to the increasing demand for imported items and corresponding decrease in the foreign exchange earnings from the sale of crude oil.
The price of crude oil fell by about 80 percent, from $115 per barrel in May 2014 to about $44 per barrel in April 2016.
The reserves stand at $26.7bn as at 12th of May, 2016.
From April 2015 to April 2016, the country’s reserves dropped by $2.9 billion as against $7.8bn within the corresponding period of April 2014 to April 2015. The reserves also fell by $11.6 billion from April 2013 to April 2014.
The reserves has been decreasing since 2013 due to the increasing demand for imported items and corresponding decrease in the foreign exchange earnings from the sale of crude oil.
The price of crude oil fell by about 80 percent, from $115 per barrel in May 2014 to about $44 per barrel in April 2016.
The reserves stand at $26.7bn as at 12th of May, 2016.
