By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-Gross external reserves at the end of the third quarter (Q3) of 2014 increased 2.5 percent to $38.29 billion compared with the level recorded in the Q2 period, according to the Central Bank of Nigeria’s (CBN’s) economic report Q3 2014 released on Tuesday.

According to the report, a breakdown of the reserves showed that CBN reserves stood at $29.65 billion (77.4 per cent), Federation reserves, $4.47 billion (11.7 per cent) and the Federal Government reserves, $4.16 billion (10.9 per cent).

This is coming on the heels of declining global oil prices which has helped slashed Nigeria’s revenue.