Skip to main content

Nigeria’s foreign reserve has depreciated by $544million in the last one week

According to Daily Independent, figures posted on the website of the Central Bank of Nigeria CBN shows the nation’s foreign reserves stood at $35,740,495,640 as at December 11, but fell to $35,196,352,296 as at last week, December 18.

This fall in foreign reserves is coming despite the devaluation of Nigeria's Naira. According to the Central Bank Governor, Godwin Emefiele, a large sum form the foreign reserves is being spent in defending the Naira from falling following its devaluation.According to the governor,
“The CBN took the decision that it would be sub-optimal to continue to use up the country’s reserves in defending the Naira. This decision was right because neither the Central Bank nor the Federal Government is in control of the major factors causing the depreciation of the nation’s currency. In fact, the Russian Central Bank has abandoned its defence of the currency and allowed its depreciation, but only after it was said to have spent over $90 billion in defending the currency.”.

Comments

Popular posts from this blog

Olajumoke Orisaguna Stuns In New Photos

Bread-seller turned model Olajumoke,who is currently shooting for her new reality show really looks amazing as she stuns in several outfits. Here are more photos below......

Chris Brown taunted in jail over Rihanna beating

According to reports, other prisoners are giving C hris Brown hell in jail for attacking Rihanna From  Hollywood Life  “One inmate said in passing ‘you a b***h for hitting Rihanna,’” a source close to the situation exclusively reveals to HollywoodLife.com. Chris is doing his best not to listen to the banter, however, it does make him “extremely upset” when he hears such sentiments. “They be saying other stuff too, like ‘you ain’t no rapper, you’re a whack R&B singer,’” the source continues. “They’re in there trying to break him down.”

The reason behind Halle Berry and Olivier Martinez split

  Last week rumors spread that  Halle Berry  and third husband actor Olivier Martinez may be headed for divorce. And now there are reports that the reason behind the split is Halle and Olivier Martinez' 6 month old son... From  Star Magazine Friends say that the duo are leading increasingly separate lives because they can’t stop fighting. “They have had some extremely vicious arguments, and every small thing is causing issues,” a source says. “Olivier thinks Halle is spending too much time working and trying to lose weight and not enough time on their baby. Halle is tired of Olivier telling her what to do. Both of them are very hot tempered and stubborn.