Investing.com - Financial Markets Worldwide

UPDATE 1-Nigeria's excess crude account held $72.41 million as of July 7 -finance minister

Published 09/07/2020, 19:37
Updated 09/07/2020, 19:42
© Reuters.

(Adds details on Nigerian economy, other background)
ABUJA, July 9 (Reuters) - Nigeria's excess crude account
held $72.41 million as of July 7, the country's finance minister
said on Thursday.
Zainab Ahmed gave the figure during a meeting of the
country's National Economic Council. The oil savings account,
which holds dollar reserves from sales of crude above the
assumed benchmark price, contained $324.54 million as of Nov. 20
last year.
Nigeria, Africa's top crude oil exporter, has been running
down its rainy day savings fund to support the economy battered
by the coronavirus pandemic amid lower oil prices. Crude oil
sales make up around 90% of foreign exchange earnings.
The country, which also has the continent's largest economy,
has seen low growth since emerging from a recession in 2017 and
has rationed foreign currency amid shortages and currency
weakness.
The World Bank forecasts Nigeria's economy will shrink
3.2-7.4% this year, depending on the severity of the COVID-19
outbreak. The lender is considering a $3 billion budget support
loan for Nigeria, which would cover around half of the country's
external financing shortfall.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2025 - Fusion Media Limited. All Rights Reserved.