Nigeria’s foreign exchange reserves have hit a two-year low at $39.84 billion, according to an Economic Report by Financial Derivatives Company Limited.
The report also said quarterly oil revenue could hit $15 billion at the new oil price of $68 to $69 per barrel as the market awaits Iran’s response to the killing of its military commander, Qassem Soleimani.
The foreign reserves level stood at $39.65 billion by November last year, compared to $40.33 billion as at end of September.
The CBN data shows that the reserves were at $43.83 billion at end of December, 2012 as against $68 billion in August 2008.
The CBN consistently maintains that inflow into the reserves is not consistent with the oil prices and, this underscores the need for tighter fiscal controls around oil revenues.
The apex bank has also said there was urgent need to pursue policies that would foster macro-economic stability.