The country’s foreign reserves have commenced a downward trend, dropping by $129.83m in one week, the latest data from the Central Bank of Nigeria have shown.
According to the CBN, the reserves had maintained a steady rise at a level of $33.52bn as of April 30, 2020 before commencing its downward trend in June.
According to the International Monetary Fund, the country’s main export commodity, oil, represents around 90 per cent of its exports.The CBN Governor, Mr Godwin Emefiele, at the last Monetary Policy Committee meeting, reiterated the need for government to urgently reduce reliance on oil revenue by gradually diversifying the economy and improving tax collection.
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