Nigeria’s external reserve declines by $1bn in five weeks

Nigeria’s external reserves have been depleted by one billion dollars in the last five weeks, according to the latest statistics from the Central Bank.

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The decline was attributed to the regulator’s almost daily sale of currencies or interventions at the new floating foreign exchange market.

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Africa’s largest oil producer sees its external forex reserves down by 2.86 per cent to $25.45 billion on August 29 up from $26.2 billion position at July ending.

On a year-on-year basis, the reserves have fallen by 18.9 per cent.

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4 Comments

  1. Buhari inherited $30 bn in foreign reserve and in less than a year has depleted it to $25 bn. Yet he goes about telling his idiotic followers that he inherited empty treasury.

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