Nigeria’s foreign reserves drop to $33.2bn
Nigeria’s foreign reserves according to the Central Bank of Nigeria (CBN), dropped from $33.95 billion at the end of August to $33.2 billion on September 11.
The apex bank disclosed this in its most recent data on foreign reserves on its official website.
The value had climbed by roughly $2 million in August.
This fall occurs despite the Central Bank of Nigeria’s (CBN) continuous attempts to keep the naira’s value in the foreign currency market. The central bank has often stated its determination to defend the naira and keep its value stable at a specific exchange rate.
Most recent data shows Nigeria’s foreign reserves stood at $33.39 billion as of Wednesday, September 6, 2023, a $562.6 million decrease from the $33.95 billion closed in August.
Data further reveals that the value has declined by $1.85 billion since President Bola Tinubu took office.
These statistics from the CBN showed that Nigeria’s reserves, which stands at $33 billion, is the lowest since 2017.
