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Nigeria reserves drop to 39b dollars

LAGOS, May 27 – Nigeria\’s foreign reserves dropped to 39 billion dollars this week from 40.48 billion dollars in the beginning of April, the Central Bank of Nigeria (CBN) said Thursday.

The CBN said despite the slump in the reserves level it could finance 18 months of imports.

CBN governor Sanusi Lamido Sanusi had earlier predicted an improvement in the level of foreign reserves.

He said in March that if the rising prices of crude oil in the international market was sustained and there was an increased output in local oil production, there would be an improvement in the level of foreign reserves.

Owing to relative peace in the oil-rich Niger Delta, Nigeria, world\’s eighth oil exporter, currently produces more than two million barrels of oil per day as against around one million barrels some months ago.

Petroleum is Nigeria\’s major export, accounting for over 90 percent of exchange earnings.

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