The country’s external reserves lost $207.7 million in the first two weeks of this month as a result of decline in crude oil prices.
API figures on Tuesday showed US crude stocks increased by 0.806 million barrels in the week ended July 16, the first rise since May.
Other oil-producing countries such as Kuwait, Libya, United Arab Emirates , Iraq, Iran and Qatar are ahead of Nigeria in both real and nominal reserves. Interestingly, the two countries are not near Nigeria in terms of population and growth in imports, implying that they have given Nigeria a much wider margin in real terms.
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