Abuja - The Central Bank of Nigeria (CBN) has said that the nation’s external reserves have been depleted by $869 million as at December 9, 2013 to stand at $44.519 billion as against the $45.388 billion it was as at October 2.
The latest CBN data showed that the reserve dropped to its lowest since the beginning of 2013, reports ThisDay.
The depletion is attributed to the decline in oil production as a result of the combined effects of oil theft and pipeline shutdown. Over 80 000 barrels of oil was estimated to be stolen per day.
The total amount in the country’s Excess Crude Account (ECA) stood at $3.18 billion in the period under review.
Read more at Thisday