Nigeria
has one of the lowest foreign-exchange reserves, among the 12-member
Organisation of Petroleum Exporting Countries (OPEC), highlighting the
challenge before the Central Bank (CBN), as it struggles to defend the naira
amid falling oil prices.
FX
reserves in Africa’s largest economy are low both in absolute terms and as a
percentage of Gross Domestic Product (GDP).
Nigeria’s
$36.5 billion in gross FX reserves is only equivalent to 7 percent of its 2013
economic output of $520 billion.
This
compares with
