Nigeria: External Reserves Dip By 20.9 Percent As Oil Falls Below U.S.$50

6 January 2015

In the face of the declining oil price, which went below $50 for the first time in six years, Nigeria's foreign reserves have dwindled by 20.9 per cent within the past year.

External reserves which stood at $43.5 billion at the beginning of 2014 dropped to $34.49 billion by December 30, 2014, according to latest figures made available by the Central Bank of Nigeria (CBN).

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