Data from the Central Bank of Nigeria, CBN, has showed that Nigeria’s foreign exchange reserves slid to $25.78 billion as at Tuesday, August 16, representing 2.11 per cent drop from a month ago.
The reserves position is expected to provide about five months import cover for the nation. Previous data on the reserves showed that they surged marginally by $40 million in March on a 30-day moving average basis to $27.9 billion and have continued to record marginal decline till current position.
The reserves were also at $28.33 billion at end-June 2015, compared with $34.24 billion at end-December 2014, representing a decrease of 17.3 per cent decline.
The crash in reserves was due to the sharp decline in foreign exchange inflow from in the economy due to continuous decline in prices of crude oil in the international markets.
