Latest figures from the Central Bank of Nigeria indicate that the country’s foreign reserves continued their downward trend as they dropped from $39.8 billion to $39.24 billion between November 11 to  December 13, 2019.

The figures also reveal that the reserves fell by $1.26 billion from $41.76 billion on October 2 to $40.5 billion as of the end of the month. The reserves also dipped by $482.18 million from N45.14 billion as of July 8 to $44.65 billion on August 8.

Recall that the CBN Governor, Mr. Godwin Emefiele recently said that the country’s over dependence on crude oil for over 60 percent of fiscal revenue and over 90 percent of forex inflows meant that shocks in the oil market were transmitted entirely to the economy through the forex markets as manufacturers and traders who required forex for input purchases were faced with dwindling supplies.