Foreign reserves drop by $200m in one week

Foreign reserves drop by $200m in one week

Nigeria’s foreign reserves continued their downward slide, falling by $200 million in the last one week, data obtained from the Central Bank of Nigeria’s (CBN) website yesterday showed. According to the data, the reserves, which stood at $27.54billion as at April 11 2016, had fallen to $27.34billion by April 19, 2016.

The banking watchdog’s website shows that the reserves stood at $27.858 billion on April 1. As the reserves continued their downward slide, the amount of dollars the CBN allocates to commercial and merchant banks dropped to $177,876,814 compared with the $189,489,057 it allocated in the preceding week.

The Nigerian National Petroleum Corporation (NNPC) recently announced that International Oil Companies (IOCs) in Nigeria had agreed to provide about $200 million to help fund fuel imports as part of measures to end fuel shortage across the country.

The Minister of State for Petroleum, Mr. Emmanuel Kachikwu, was quoted by agency reports as saying, “I have been able to convince the upstream oil companies to provide foreign exchange buffers over the next one year for those who’re bringing in products.” Read more

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