Nigeria’s foreign reserves have continued its downward trend, dropping by $5.09bn from $38.53bn on January 2, 2020 to $33.44bn as of April 28, 2020, latest statistics from the Central Bank of Nigeria have revealed.
According to the figures, the reserves dropped from $39.8bn on November 11, 2019 to $39.24bn on December 13, 2019. This is after the fall by $1.26bn from $41.76bn on October 2 to $40.5bn as of the end of October.
The reserves dropped by $482.18m from N45.14bn as of July 8 to $44.65bn on August 8, 2019.
During the last Monetary Policy Committee meeting of the banking sector, the Central Bank Governor, Mr Godwin Emefiele, said the committee noted the weakened revenue position of the Federal Government, arising from the sharp drop in oil prices.
He reiterated the need for government to urgently reduce reliance on oil revenue by gradually diversifying the economy and improving tax collection.
On the domestic front, he said available data on key macroeconomic variables indicated the likelihood of subdued output growth for the Nigerian economy in 2020.
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