Sunday , January 17 2021
Breaking News
Home / Business / Foreign Reserve Drops By $1bn

Foreign Reserve Drops By $1bn

The Nigeria foreign reserves have been depleted by one billion dollars in the last 5 weeks  according to the latest statistics from the Central Bank.

The reason for the reduction is attributed to CentralBank 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.



Check Also

NAFDAC to approve COVID-19 vaccine before use, says DG

The Director General of the National Agency for Food and Drug Administration and Control (NAFDAC), …

FIRSTBANK introduces Virtual Payment Card

    First of Bank of Nigeria Limited has launched the Virtual Payment card. It …

Social Media Auto Publish Powered By :