The Central Bank of Nigeria, CBN, Godwin Emefiele, has lamented the depletion of the nation’s oil revenue from over $3.0 billion in 2014 to zero a dollar in the period under review.
According to him, there was a significant loss in foreign reserves due to the naira’s struggle and the rise in demand for forex. “The official foreign exchange receipt from crude oil sales into our official reserves has dried up steadily from above $3.0 billion monthly in 2014 to an absolute zero dollar today,” he said.
He reiterated that the bank had established some monetary policies to stymie rising inflation in Nigeria. For instance, increasing its lending rate to 16.5 per cent is one such measure.
Well done 👍 to all of you in the successful crumbling of the oil sector to number zero!
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