Data released by the Central Bank of Nigeria (CBN) yesterday showed that Nigeria's foreign exchange reserves fell from $35.03 billion to $34.74 billion as of February 27, 2012.
The decline in the reserves has been attributed, by analyst, to withdrawals by the federal government to cover up for the revenue shortfall in January’s budgetary distributions to the three tiers of government.
Nigeria’s revenue from oil exports dropped in January due to production outages, leading to a withdrawal from the excess crude account to keep distributions steady when crude oil revenues fall.
In the corresponding period of last year, the country’s reserve was $33.24 billion.
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