Why Foreign Reserves Have Continued To Drop–CBN

By Ikenga Chronicles October 4, 2018

Why Foreign Reserves Have Continued To Drop–CBN

The Central Bank of Nigeria (CBN) has given reasons why the country’s foreign reserves have continued to drop.

The Director of Corporate Communications, CBN, Isaac Okorafor said the reduction can be traced to the “global squeeze on emerging markets which was consequence upon increasing interest rates in the United States of America.”

He refuted claims that the ongoing political activities were responsible for the drop in the reserves as he noted that the current foreign reserves standing at $44 billion would finance imports for about 14-17 months, far above the internationally acceptable three months.

Okorafor pledged support for the leadership of Godwin Emefiele for the real sectors of the economy.