Analysts worry about transparency in reserves’ management | The Guardian Nigeria News

Financial analysts at EFG Hermes Holdings have said the reason behind Nigeria’s falling reserves is still not straightforward considering limited transparency of reserves and balance of payments numbers.

Indeed, the analysts highlighted four main factors that dictate the disappointing movement of reserves. In its latest report, titled ‘More pressure on NGN; adjustment edging closer’, EFG Hermes Holdings noted that Nigeria has been exporting less oil in the past year given its commitment to OPEC+ production cuts.

The report stated that crude oil export volumes are down by 20 per cent on average in the year to June, reducing the upside

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