Abuja - The Central Bank of Nigeria has expressed concern over the continued depletion of the Excess Crude Account (ECA) and the country’s foreign external reserves by the federal government.
The bank said the depletion poses grave danger to the economy and exposes the economy to vulnerabilities, reports Premium Times.
Sanusi Lamido Sanusi, CBN governor, attributed the shrinking reserve level to a slowdown in portfolio and foreign direct investment flows in fourth quarter of 2013.
He said the country’s foreign reserves shrunk by $0.98 billion from the initial figure of $43.83 billion in 2012 to $42.85 billion in 2013.
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