CBN Monthly FX Earnings Fall to $1B on Cheap Oil

Plunging oil prices have cut the Nigerian central bank's foreign earnings to $1 billion monthly from as much as $3.2 billion, the bank said on Monday.

Its foreign reserves have meanwhile fallen to $28 billion as dollar demand driven by a monthly import bill which averaged 917.6 billion naira ($4.6 billion) in the first nine months of 2015 and which continues to rise.

Foreign reserves were $37.3 billion as of June 2014, the bank said.