Nigeria's external reserves falls 2.8% to $23.948bn in October

Nigeria’s external reserves fell by 2.8% to US$23.948 billion as at October 27, 2016, compared with the US$24.615 billion it was as at September 27, 2016, as attacks of oil installations continues in the Niger Delta region.


The latest external reserves position released by the Central Bank of Nigeria (CBN) showed that the reserves derived mostly from the proceeds of crude oil sales fell by $667 million in the last month, as the country’s earnings continued to shrink.

In spite of the recent appreciation of crude oil price in the global market, quantity shock impacted negatively on allocation to the three tiers of government for the month of September was shared about a fortnight ago as the spate of attacks on oil installations and pipeline vandalism showed no sign of abating.