ECONOMIC REFORMS TARGET FOREX GAP AS OIL PRICES DIP

Nigeria’s external reserves have declined in the first four months of the year, standing at $37.9bn at the end of April.
This decline is attributed to a significant drop in crude oil prices, which fell by 16.74 per cent this year, from $73.29 per barrel on January 2 to $62.78 per barrel as of May 31.
According to media report, the decline in oil prices is linked to the decision by the Organisation of the Petroleum Exporting Countries and allies, including Russia, to increase production by nearly one million barrels per day from April to June.