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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