Nigeria's Foreign Reserves Plunge To $29.004bn

Nigeria's foreign reserves dropped by 2.73 per cent, just a few weeks after the inauguration of the Muhammadu Buhari’s administration.

 

Latest data obtained from the website of the Central Bank of Nigeria (CBN) on Thursday,June 18, revealed that as at Wednesday, June 17, 2015, the reserves level stood at $29.004 billion, representing a fall of $815 million, or 2.73 percent month-to-date, from $29.819 billion at by May 18, 2015.

 

Before the latest drop, the reserves level was $29.595 billion at the end of May, 2015.

 

Reacting to the drop in foreign reserves on Thursday, June 18, Rasheed Alao, Senior Lecturer in the Department of Economics, Adeyemi University of Education, Ondo, said: “I am of the opinion that the Buhari’s administration should urgently set up an economic team that will be proactive and which will comprise of notable economists and business men in the country who will be able to implement policies that will boost the nation’s external reserves.”