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

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CBN warns Nigerians against investing in wonder banks

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.

central-bank-nigeria-cbn

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

  1. why the reserve no dey increase na? From 30 billion dollars to 26 billion dollars in less than 2 years, there is God o!

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  2. 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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