Nigeria’s External Reserves Fall

Nigeria’s external reserves dropped from US$48 billion in February to US$45.9 billion as at 20 Sept., according to data provided by the Central Bank of Nigeria (CBN).

The foreign reserves have been on a gradual fall, dropping by US$1.8 billion within three months (2 May to 5 Aug.) from the peak of US$48.85 billion.

The local Punch newspaper Tuesday quoted financial experts as expressing fears over the fall.

However, it also quoted CBN Governor Sanusi Lamido Sanusi to have dismissed the fears, saying the fundamentals of the economy were still very strong, and that the current reserves could finance about 11 months of imports.