Harboursandport.com: Lagos - Nigeria’s foreign reserve has dropped from
$41.76 billion to $40.5 billion which shows a slide of $1.26 billion in the
month of October.
 |
| CBN Governor, Godwin Emefiele |
According to the economic report
for the third quarter of 2019 by Central Bank of Nigeria, (CBN) the reserves which had continued
to shed in recent months dropped by $482.18m from N45.14bn as of July 8 to
$44.65bn as of August 8, 2019
However, some experts have attributed
the downward trend of the reserves to lower crude oil prices and lower Foreign
Portfolio Investors inflows.
Meanwhile, in another story, the African Development Bank Shareholders have approved 115
billion dollars of capital increase to stimulate Africa’s development and
growth.
A statement issued by the bank said
that the approval was given at an extraordinary shareholders’ meeting in
Abidjan.
No comments:
Post a Comment