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).
...
AllAfrica Subscription Content
You must be an allAfrica.com subscriber for full access to certain content.
You have selected an article from the AllAfrica archive, which requires a subscription. You can subscribe by visiting our subscription page. Or for more information about becoming a subscriber, you can read our subscription and contribution overview.
For information about our premium subscription services:
You can also freely access - without a subscription - hundreds of today's top Africa stories and thousands of recent news articles from our home page »
Already a subscriber? Sign in for full access to article