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Nigeria’s Foreign Reserves Record $1Billion Fall In September

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Many bundle of US 100 dollars bank notes

Nigeria’s foreign reserves have recorded a fall of about 1 billion dollars for the month of September, the Central Bank of Nigeria has revealed.


     

     

    According to figures released by the CBN on Wednesday, the foreign exchange reserves fell by 3.14 per cent to $30.48 billion by September 23 from $31.47 billion a month ago.

    The reserves of Africa’s top oil producer have dropped to 23.03 per cent in the last 12 months.

    In August, the CBN data revealed that foreign exchange reserves rose by $350 million to 31.43 billion.

    The reserves’ improvement crossed $30 billion in July, rising by 5.6 per cent from 29.03 billion in June to N30.69 billion.

     

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