News & Politics
Nigerian external reserves hit 11 year low of $24.21bn
According to the latest figures presented by the Central Bank of Nigeria, the country’s external reserves have hit an 11-year low of $24.21bn. The significance of this helps to explain the limited amount of dollars at the official interbank spot market and speculation that the Naira could face depreciation. The country’s external reserves depleted to […]
According to the latest figures presented by the Central Bank of Nigeria, the country’s external reserves have hit an 11-year low of $24.21bn.
The significance of this helps to explain the limited amount of dollars at the official interbank spot market and speculation that the Naira could face depreciation.
The country’s external reserves depleted to a then record-low of $24.8bn about two weeks ago.
The foreign exchange reserves fell by $600m in two weeks before shedding $1bn in four weeks, the CBN statistics showed.
Specifically, the reserves fell from $25.8bn on August 16 to $24.8bn on September 16. It decreased by $600m from the $25.4bn recorded on August 31 to $24.8bn on September 16, the current CBN data revealed.
Story via Punch
5 Comments
Add your own hot takes