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Nigerian Foreign Reserves at Record Low
According to the Central Bank of Nigeria (CBN), reported levels of the Nigerian External Reserves (“the Reserves”) as at 15th of April 2015 stands at US$29.3bn – its lowest level since 2010. Worthy of note is the fact that the Reserves have been on a downward trend since the beginning of the year on the back of falling global oil prices and CBN’s resolve to defend the Naira. The Reserves has declined US$5.0bn (16.9%) in…
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