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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.

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