Nigeria: External Reserves Shed U.S. $11.45 Billion in One Year

Godwin Emefiele, 53, immediate past Group Managing Director of Zenith Bank Plc resumed yesterday as the 11th Governor and chief executive of the Central Bank of Nigeria (CBN). One of the major concerns that stare him in the face, no doubt, is how to stem the continued hemorrhage of the nation's external reserves.

Latest data released by the apex bank on its website Monday evening showed that Nigeria's foreign reserves closed red, shedding $1.178 billion or 3.09 per cent at the end of May. The level declined from $38.138 billion at the end of April to $36.959 billion last month, its lowest in recent times.

...

AllAfrica publishes around 400 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.