Vanguard:
Nigeria’s foreign reserves is now on a steady decline against the backdrop of the decision by Central Bank of Nigeria, CBN, to protect the Naira from depreciation.
Wednesday, September 23, the reserves had fallen to $30.485 billion, about $1.139 billion drop from this year’s peak of $31.624 billion recorded about six weeks ago, August 9.
Foreign reserves, which mirrors an economy’s relative strength and ability to finance its imports and foreign investors’ obligations, had witnessed an upward growth since June from $29 billion, reversed the trend on August 9 and has since been on the decline.
Nigeria’s foreign reserves is now on a steady decline against the backdrop of the decision by Central Bank of Nigeria, CBN, to protect the Naira from depreciation.
Wednesday, September 23, the reserves had fallen to $30.485 billion, about $1.139 billion drop from this year’s peak of $31.624 billion recorded about six weeks ago, August 9.
Foreign reserves, which mirrors an economy’s relative strength and ability to finance its imports and foreign investors’ obligations, had witnessed an upward growth since June from $29 billion, reversed the trend on August 9 and has since been on the decline.