Nigeria has one of the lowest Foreign Reserves in OPEC Nigeria’s $36.5 billion in gross FX reserves is only equivalent to 7 percent of its 2013 economic output of $520 billion.This compares with Qatar, Kuwait, UAE and Saudi Arabia whose respective FX reserves of $43 billion, $30 billion, $78 billion and $739 billion, were equivalent 21.2 percent, 16.2 percent, 21.7 percent and 99 percent of GDP, BusinessDay analysis show.Other OPEC members such as Algeria, Libya, Iraq and Iran had FX reserves of $183 billion, $100 billion, $80 billion, and $109 billion, equivalent to 87 percent, 133 percent, 36 percent and 29.6 percent of GDP respectively. Nigeria is in bad company with OPEC member Venezuela, whose ratios (FX reserves of $21.5 billion equivalent to 4.9 percent of GDP) are worse. businessdayonline/2014/12/nigerias-lowest-fx-reserves-in-opec-show-cbns-naira-challenge/#.VJkEbICwNo
Posted on: Tue, 23 Dec 2014 06:09:30 +0000
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