Nigeria external reserve fell 4.9% to $29.9 billion from $31.35 billion on 30th March according to data from Central Bank of Nigeria.
Nigeria external continues to decline due to low demand for the Nations Crude and low global oil price.
The Central Bank has been using the reserve to support the falling Naira ,which has been devalued, hammered by falling global oil prices and uncertainty of the just concluded elections.
Nigeria derive 70% of its revenues and 90% of its external reserve from crude oil sale,financial analyst has link the huge drop in external reserve to political spending,falling oil price,which put pressure on the local currency and also speculative demand of dollar by foreign exchange dealers.
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