Nigeria’s FX Reserves Drop To $32.29bn.

Nigeria’s FX Reserves Drop To $32.29bn.

Nigeria’s foreign exchange reserves plummeted to $32.29 billion amid the Central Bank of Nigeria’s efforts at defending the Naira and dwindling crude oil revenue.

Data from CBN’s website showed that Nigeria’s FX fell by $2.16 billion in the last 29 days.

The country’s FX reserves stood at $32.29 billion on April 15 from $34.45 billion on March 18.

This is the lowest since September 25, 2017, when Nigeria’s FX dropped to $32.28 billion.

Recall that in the past months, Naira had continued appreciation against the Dollar amid sustained policy efforts by CBN to defend the country’s currency.




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