(From Vanguard (Nigeria) - AAGM)
ESSENTIALLY, the common debate on external reserve position is on the recent record of consistent decline in this index of economy performance.
Since this year, Nigeria's external reserves have been under severe pressure, occasioned by rising imports and capital flight against dwindling oil earnings and non-oil exports.
Consequently, external reserve has plumaged from its 10-year peak point of US$11 billion early this year to less than US$6 billion by end of first half of this year.
As a result of this development most economy observers/analysts have raised alarm while pointing to a relapse to the era of …