Lagos — Nigeria's foreign reserves fell to $40.48 billion at the beginning of April from $41.54 billion in February, the Central Bank of Nigeria (CBN) said last Thursday. "The CBN has $40.48 billion in foreign exchange reserves as at April 1, 2010," the bank said in a statement. It said the reserves stood at $41.54 billions on February 24, but did not give any reasons for the drop. The Central Bank said the reserves are "sufficient to finance 17 months of import, far in excess of the internationally-accepted three months requirement". CBN governor Sanusi Lamido Sanusi had earlier predicted an improvement in the level of foreign reserves. He said last month that if the rising prices of crude oil in the international market was sustained and there was an increased output in local oil production, there would be an improvement in the level of foreign reserves. Owing to relative peace in the oil-rich Niger Delta, Nigeria currently produces more than two million barrels of oil per day as against around one million barrels some months ago.

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