Nigeria central bank corrects FX reserves to $35.2 bln
March 28, 2012
Nigeria's central bank corrected its figure for the country's total foreign exchange reserves on March 22 to $35.233 billion on Wednesday, from an earlier estimate of $37.534 billion.
It also corrected its figure for March 19 to $35.076 billion, from an earlier estimate of $34.957 billion, effectively erasing the apparent 7 percent jump seen between the two days.
The figure was still up from the $34.827 billion registered a year earlier, the data showed.
Despite record high oil prices Africa's largest crude exporter has failed to build up foreign exchange reserves in recent years as government spending has been high.
Nigeria relies on crude exports for more than 95 percent of its foreign exchange earnings and investors watch reserve data closely to gauge the defences Africa's second largest economy has against a potential dip in oil prices.
Central Bank governor Lamido Sanusi said during a rate decision last week that Nigeria needed to build up foreign exchange reserves to cope better with external shocks.