The Central Bank of Nigeria, CBN, Godwin Emefiele, has lamented the depletion of the nation’s oil revenue from over $3.0 billion in 2014 to zero a dollar in the period under review.
Emefiele stated this during the weekend at the 57th annual bankers’ lecture sponsored by the Chartered Institute of Bankers of Nigeria, CIBN in Lagos.
According to him, there was a significant loss in foreign reserves due to the naira’s struggle and the rise in demand for forex.
He explained that a severe crisis in the Nigerian foreign exchange market is putting pressure on the Country’s reserves and suppressing the value of the naira.
“The official foreign exchange receipt from crude oil sales into our official reserves has dried up steadily from above $3.0 billion monthly in 2014 to an absolute zero dollar today,â€
