Macroeconomic Forecast Nigeria

According to the most recently available data from the Central Bank of Nigeria, reserves had fallen to US$37.7bn in mid-August from US$42.2bn at the beginning of the year. Although we do not see that decline as being a serious threat to the stability of the exchange rate, reserves spent in defence of the naira are one reason why we have lowered our official end-2010 reserves target to US$45.0bn.

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