Nigeria’s external reserve declines by one billion dollars
Written by Taiwo Adediran on September 13, 2016
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.
The decline was attributed to the regulator’s almost daily sale of currencies or interventions at the new floating foreign exchange market.
Africa’s largest oil producer sees its external forex reserves down by two-point-eight-six per cent to twenty-five-point-four-five billion dollars on the twenty-ninth of August up from twenty-six-point-two billion dollars position at July ending.
On a year-on-year basis, the reserves have fallen by eighteen-point-nine per cent.