An analysis of figures obtained from the Central Bank of Nigeria on Friday indicated that this represented a decline of 5.9 per cent.
According to the International Monetary Fund, these reserves may be used for direct financing of international payments imbalances or for indirect regulation of the magnitude of such imbalances through intervention in foreign exchange markets in order to affect the exchange rate of the country’s currency.
The rate of decline widened in February as the reserves dipped by $1.71bn from the $38bn to $36.29bn. The drop in crude oil price has raised speculations among Nigerians in general; a development that has put serious pressure on the foreign exchange market, thus making the naira to exchange between N405 and N420 to a dollar in the Bureau De Change segment of the market.
It will go up soon, God willing.
Nigeria economy is plung into recession soon again
Buhari is diversifying the economy indeed. Failed government
“Buhari will invest in Agriculture “ so they said, now we depend more on crude, people are scared of going to the farm because of bandits n kidnappers.
As una wan die inside na 😐
Very good.
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