Nigeria’s foreign exchange reserves fell to $34.38 billion by January 28, down 20.3 per cent from $43.16 billion a year earlier, owing to drawdowns by the Central Bank of Nigeria to defend the naira.
Data from the central bank on Friday showed the reserves of Africa’s biggest economy have steadily declined, falling 0.43 per cent month-on-month.
The naira has remained under pressure, trading outside the central bank’s target band of 160-176 to the dollar as oil prices plunge.
This is despite a devaluation meant to find the currency’s true value and shore up Nigeria’s foreign reserves Click to signup for FREE news updates, latest information and hottest gists everyday
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You guys better check Diezani's account which she jointly owns with the President. You will find most of the money there. I'm sure the jet at the back of her house is fully loaded with $$$$s, ready to take off once the result of the election is announced. I hope the Airforce is ready to intercept the loaded leah jet.
ReplyDeleteOlodo no one can take from reserves, Iit was used to defend naira from having a free fall.
ReplyDelete