Nigeria’s External Reserves Fall By 15% In 2015

Nigeria’s external reserves now stands at $29.30 billion as at December 23, 2015.
Data from the Central Bank of Nigeria’s website shows that the reserves declined by 2.41 per cent from $29.34 billion on December 22.
The external reserves has depreciated by over 15 per cent from $34.49 billion at the beginning of the year.
This represents a $5.15 billion decline so far in 2015.
The drop in the forex reserves value has been attributed to the significant reduction in forex inflow into the country, owing to the fall in crude oil prices.

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