The value of Nigeria’s external reserves, which has been on the downswing in the past few weeks, fell below the $30 billion mark to $29.865 billion as at March 25, 2015, according to latest Central Bank of Nigeria’s (CBN’s) figures. THISDAY’s findings show that the current level of the foreign reserves, which is derived mainly from the proceeds of crude oil earnings, has fallen by 13.4 per cent or $4.628 billion this year, compared with the $34.493 billion it stood at the beginning of the year. This has been attributed to the significant reduction in forex inflow into the country occasioned by the sustained low crude oil prices. Oil prices however rallied for a second straight day on Thursday after Saudi Arabia and its Gulf Arab allies began air strikes in Yemen, sparking fears of a bigger Middle East battle that could disrupt world crude supplies. Brent crude was […]