#BrokeNation: External Reserves Fall By $1.6 Bn In March

Ngozi Okonjo-Iweala

By Babajide Komolafe

The declining fortunes of the nation’s external reserve continued last month, as it fell by $1.55 billion during the month.

Data published by the Central Bank of Nigeria (CBN) indicated that the external reserve fell from $31.356 billion on February 27th February to $29.79 billion on Monday, March 30th. This represents 4.9 percent decline.

Consequently, the external reserve has fallen by $4.49 billion or 13 percent since the beginning of the year.

It would be recalled that the continued decline of the external reserve was cited by Fitch credit rating  company, for downgrading Nigeria’s credit rating Outlook to ‘Negative’ from ‘Stable’.

– See more at: http://www.vanguardngr.com/2015/04/external-reserves-fall-by-1-6bn-in-march/#sthash.1aBFHXaX.dpuf