Nigeria is loosing a whopping sum of N256bn ($1.3bn) in foreign exchange inflows every month as a result of the global fall in the prices of crude oil, the country’s major revenue earner
The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, who spoke at the annual Bankers’ Dinner organised by the Chartered Institute of Bankers of Nigeria, said the development had also made the federal allocation to state governments drop by N2bn monthly.
Despite the huge drop in the nation’s forex earnings as a result of the fall in crude oil prices, the CBN boss said Nigeria’s import rose to N917bn in September and might likely hit N1.2tn in December. As a result, he said the CBN was set to begin a campaign aimed at encouraging Nigerians to consume locally made goods.
